London : The chief executive of British mobile phone company Vodafone is to step down, the company announced Tuesday, as its operational profit for 2007/2008 increased by 5.7 per cent to 10.1 billion pounds (19.9 billion US dollars).

Despite the good results, Vodafone chief executive Arun Sarin has said he is stepping down from his post as the head of one of Britain's largest companies after five years.

Vodafone's results were stronger than the market had anticipated and exceeded its own estimates. For the year ending March 31, its earnings before interest, tax, depreciation and amortisation rose over 10 per cent to 13.2 billion pounds (26.11 billion dollars).

Revenues were 35.5 billion pounds.

Sarin, 53, is to retire at the end of June and be succeeded by his deputy Vittorio Colao, 46.

Sarin's announcement came as a surprise to many in the telecommunications business, according to Financial Times reports Tuesday.

He had denied reports in recent months that he would leave his post in 2008.

Under Sarin's leadership, Vodafone expanded in emerging markets such as India, acquiring a majority stake in India's fourth largest mobile company, Hutchison Essar, in
2008.

Sarin's successor is well-respected in the business, the Financial Times said. (dpa)