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Vodafone earnings rise 30%
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May 30, 2000: 4:07 a.m. ET
Full-year profit beats estimates as subscribers rise 54%; Orange sold
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LONDON (CNNfn) - Vodafone AirTouch bettered analysts' forecasts with a 30 percent increase in annual earnings Tuesday, and unveiled the $37 billion sale of Orange, one of its two U.K. cellular-phone units.
The world's largest mobile-phone company unveiled pro forma accounts for the 12 months ended Mar. 31 providing a comparison with its financial performance before the merger that created the enlarged company. Underlying pretax earnings rose to £3.95 billion as revenue rose almost 40 percent to £12.6 billion, Vodafone said. Earnings per share, excluding one-time items, rose 25 percent to 4.71 pence.
Analysts in a poll by Reuters had profit forecasts ranging from £3.7 billion to £3.9 billion. 
Vodafone had some 39 million customers at the end of March, up from 25.4 million in March 1999. The figures were compiled before the firm's purchase of Germany's Mannesmann - completed Apr. 12 -- and a recent deal with Bell Atlantic (BEL: Research, Estimates) to form a U.S. venture, Verizon.
Chief Executive Chris Gent said in a statement the company had had an "exceptional" year, quadrupling in size, assuming the deals with Bell Atlantic and Mannesmann are included.
Vodafone (VOD) stock rose 5 percent to 296 pence in early London trade Tuesday. 
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Vodafone AirTouch
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