LONDON (AP) — U.K.-based mobile telecoms company Vodafone has reported a 1.9 increase in annual profits despite a slowdown in much of its European operations. 

It reported Tuesday net profits of 7.70 billion pounds ($11.665 billion) for the year ending March 2013 compared with 7.55 billion pounds the year before.

Group Chief Executive Vittorio Colao said progress in emerging markets and a strong performance from U.S.-based Verizon Wireless, in which it has a 45 percent stake, allowed the company to grow despite weak economic conditions in southern Europe.

Colao also cited an "adverse European regulatory environment" as having a negative impact on company growth this year.