EMI Reports First-Half Net Loss
November 15, 2006 at 5:58 AM (PT)
EMI GROUP, the world's third-largest music company, posted a first-half net loss because new albums from artists including NORAH JONES won't be released until the second half, according to BLOOMBERG NEWS.
The loss was 30.6 million pounds ($57.9 million), or 3.9 pence per share, in the six months ended SEPTEMBER 30, compared with a restated profit of 36.7 million pounds a year earlier, or 3.1 pence, LONDON-based EMI said in a statement. Revenue fell 6.1% to 867.9 million pounds.
The results "largely reflect the phasing of EMI MUSIC's planned release schedule, which, as previously indicated, has a greater weighting to the second half of the financial year than in prior years," the company said. "EMI MUSIC PUBLISHING once again delivered a strong performance."
Sales in the music industry fell 4% in the first half as a 10% drop in physical sales outweighed gains in digital sales, the INTERNATIONAL FEDERATION OF THE PHONOGRAPHIC INDUSTRY said last month.