Vodafone Loss Widens

Vodafone Group said profit before acquisition costs and other charges will grow faster in its fiscal second half as the world’s largest wireless company adds subscribers and more customers use mobile phones to send text messages. Chief Executive Chris Gent said he expects “significant improvement” in cash flow in half-year starting Oct. 1. Cash flow rose 24% in the first half. The net loss widened to $6.7 billion, largely on costs from the $157-billion purchase of Mannesmann. Last year, Vodafone acquired U.S.-based AirTouch Communications and become the world’s biggest wireless phone company. It then wrapped AirTouch into a venture with Verizon Communications called Verizon Wireless Inc., which canceled an initial public offering in October. Vodafone’s American depositary receipts rose $3.88, or 11%, to close at $38.31 in New York Stock Exchange trading.