Mobile phone operator Vodafone has revealed half-year losses of £3.3 billion, but insists it has no plans to revise its full-year growth forecast.
The UK-based mobile giant today said that excluding one-off charges of £8.1 billion, profits of £4.8 billion would have been achieved.
Arun Sarin, Vodafone's chief executive, explained that for this reason the group still expected to achieve full-year growth of between five and 6.5 per cent.
"These results show that Vodafone is on track to deliver on its key targets for the current financial year. Competitive and regulatory pressures in the European region have been offset by strong performances in our developing markets and the US," he said.
"We have also made good progress since May in the execution of our new strategy and the response to our new products and services has been very encouraging," Mr Sarin added.
Vodafone also today announced a new mobile advertising alliance with internet search engine Yahoo.
Under the terms of the deal, which is expected to be launched in the new year, Vodafone customers who agree to receive targeted adverts will be able to enjoy reductions in their bills.
Nick Read, Vodafone UK's chief executive, said the venture would mean "better value" for consumers.