Vodafone Spain recorded attributable net losses of 5 million euros in its last fiscal year (which ended on March 31), which is 98.5% less than the ‘red numbers’ of 340 million euros a year ago , according to the accounts presented by the telecom this Tuesday, in which its activity in Spain is already reflected as a discontinued operation due to the sale of the business to the British fund Zegona at the end of last October for 5,000 million euros.

Likewise, the company had a turnover of 3,846 million euros in its last fiscal year, which is 1.56% less than the 3,907 million euros it earned in the previous year.

Specifically, it earned 3,429 million euros for services, 2.41% less compared to the 3,514 million euros of the previous year, and obtained “other income” for an amount of 417 million euros, 6.1% more in relation to the 393 million euros a year ago.

The company has attributed the drop in total revenue to a decline in service billing due to “continued price competition in the consumer value segment, a smaller customer base and a reduction in mobile termination rates.”

Likewise, the gross operating profit of the telecom company in Spain stood at 1,180 million euros, which represents an increase of 64.8% compared to the 716 million euros of the previous fiscal year.

On the other hand, Vodafone’s operating result in Spain stood at 366 million euros, compared to the operating losses of 330 million recorded in its previous fiscal year.

The sale of Vodafone’s business in Spain to Zegona still has to be approved by the Government and it is expected that the Executive will approve the operation in the Council of Ministers this Tuesday or next week.

“We hope that final approval from the Spanish authorities will be granted imminently and that the operation will be completed shortly thereafter,” Vodafone highlighted.