Vivendi Reports Net Profits Up
November 13, 2008 at 12:38 PM (PT)
FRENCH media and telecommunications giant VIVENDI SA said THURSDAY that net profit increased more than fourfold to 2.76 billion euros ($3.46 billion) in the third quarter from 578 million euros a year earlier, thanks to gains on VIVENDI's stake in video game publisher VIVENDI GAMES. VIVENDI GAMES merged with ACTIVISION in JULY to form ACTIVISION BLIZZARD.
Adjusted net income in the three months through SEPTEMBER fell 13.3% to 625 million euros ($783 million) from 721 million euros a year earlier, VIVENDI said in a statement.
VIVENDI, the owner of the world's biggest record company, UNIVERSAL MUSIC GROUP, also said it is on track to achieve its targeted growth in earnings this year. The company expects profit growth excluding gains from acquisitions this year to be similar to the 8.3% recorded in 2007.
Earnings before interest, tax and amortization, a gauge of core profitability known as EBITA, fell 4% in the third quarter to 1.28 billion euros ($1.6 billion).