Vodafone recognises higher losses from Ono

Vodafone has estimated that cable unit Ono made losses of €642 million last year after cleaning up the company’s accounts, according to local press.

Accounts filed with the companies register, the Registro Mercantil, Ono made a €642 million loss as a result of debt repurchases, impairment losses, bad debts. Senior members of Ono’s previous management team have been accused for tax fraud ahead of the sale of the company.

Vodafone had already recognised losses of €400 million, mostly through operating unit Cableuropa.