Vivendi Reports Q1 Profits Down
May 14, 2009 at 12:42 PM (PT)
French entertainment-to-telecommunications conglomerate VIVENDI SA said first-quarter adjusted profit fell but confirmed it still expects to post strong profit growth in 2009, despite the recession, reports THE WALL STREET JOURNAL. "Adjusted profit, which excludes most non-recurring gains and charges, fell 6.9% to EUR649 million in the quarter ended MARCH 31st from EUR697 million a year earlier due to higher financial charges, the increasing interest of earnings attributable to minority interests and a lower contribution from its stake in NBC UNIVERSAL.
"This figure was below an average EUR693.6 million forecast by analysts.
"Net profit for the same period fell 14% to EUR477 million from EUR555 million a year earlier.
"VIVENDI owns UNIVERSAL MUSIC GROUP and holds majority stakes in telecom operators SFR and MAROC TELECOM as well as video-game giant ACTIVISION BLIZZARD."
"The quarter confirms the resilience of our business model and the quality of our assets," Chief Financial Officer PHILIPPE CAPRON said during a conference call.