UMG Q1 Down As Vivendi Posts Gains
May 15, 2007 at 2:59 PM (PT)
VIVENDI said today (5/15) that Q1 net profit rose from 707 million euros to 932 million euros, boosted by strong performances in its television, Moroccan telecommunications and video games units. The company also reported adjusted net income of 771 million euros, up from 628 million euros due to a dilution gain of 239 million euros resulting from the sale of just over 10% of CANAL PLUS FRANCE to LAGARDERE; adjusted net income excludes certain charges such as impairment of goodwill and income from discontinued operations. Meanwhile, Q1 revenue rose 5% to 5.02 billion euros.
For VIVENDI's UNIVERSAL MUSIC GROUP, earnings before interest, tax and amortization fell 60%, to 57 million euros. A 50 million euro gain from a U.S. court settlement had inflated the group's first-quarter EBITA in 2006. The music group's revenue decreased 9% to 1.03 billion euros.