Strength Of UMG Leads Vivendi Sales To Rise 7.5%
May 13, 2015 at 3:56 AM (PT)
UNIVERSAL MUSIC GROUP's parent company, VIVENDI, reported a 24% rise in first-quarter net profit thanks to increased earnings from investments and a decrease in interest expenses.
VIVENDI is now focused on pay-TV and music after selling off a series of assets over the past year. The group noted on TUESDAY (5/12) that it planned to raise its stake in CANAL PLUS' Societe d'Edition through a public tender offer of eu7.60 a share and after a dividend payment on APRIL 29th.
VIVENDI reported sales rose 7.5% to eu2.49 billion euros ($2.80 billion) in the quarter due mainly to the performance of its UNIVERSAL MUSIC business which benefited from a weaker euro. Adjusted net income rose to eu136 million, up 24.1% from one year ago.