Vivendi Reports Large Drop In Net Profit For Q3
November 12, 2009 at 9:19 AM (PT)
VIVENDI SA, the PARIS-based owner of UNIVERSAL MUSIC GROUP, reported a 78% drop in net profit for Q3, but still expects to post strong growth in profit in 2009 despite the recession, reports THE WALL STREET JOURNAL. VIVENDI's net profit for the three months ended SEPTEMBER 30th was E600 million, down from E2.76 billion in the same period last year.
Revenue fell 2.5% to E6.35 billion from E6.5 billion a year earlier as sales fell notably at UNIVERSAL MUSIC.
The figure did beat analyst expectations of E6.25 billion.
VIVENDI shares closed down E0.13, or 0.7%, at E19.62. The stock has lost about 16% of its value since the start of the year "due to uncertainties about the group's acquisition strategy," said THE JOURNAL.