British mobile phone giant Vodafone has surged back into profit in its first-half and is pledging to invest more in Europe and emerging markets after its US exit.
Profit after tax stood at STG17.95 billion ($A30.82 billion) in the six months to the end of September, boosted by a tax credit of almost STG15 billion, it said in a results statement on Tuesday.
Vodafone had suffered a net loss of STG1.98 billion in the same part of the previous fiscal year, when it was hit by impairment charges in troubled eurozone nations Spain and Italy.
And this time around after stripping out the huge tax gain, operating profit sank 8.3 per cent to STG5.71 billion with Vodafone saying that it continued to face "challenging" and "tough" trade in Europe.
Revenues rose 1.2 per cent to STG22 billion in the first half, as emerging markets continued to deliver growth.
Vodafone meanwhile vowed to invest STG19.0 billion - which was STG1.0 billion more than previously stated - to improve network quality and speed in key European and emerging markets by March 2016.
The world's second-largest mobile operator by subscribers after China Mobile had in September agreed to sell its US joint-venture stake to partner Verizon for $US130 billion ($A139.25 billion), clinching one of the biggest transactions in global corporate history.
Vodafone on Tuesday said it would invest a total of STG19 billion over the next two years on networks and services by March 2016.
"The two years ahead will see the largest and fastest period of network investment in our 25-year history," said chief executive Vittorio Colao.
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