Vivendi Up In Q1 Despite UMG Being Down 13%
May 11, 2010 at 12:44 PM (PT)
UNIVERSAL MUSIC GROUP parent company VIVENDI SA, reported first-quarter profits rose 13%. VIVENDI's adjusted net income, or profit excluding one-time gains and some costs, rose to 736 million euros ($936 million) from 649 million euros a year earlier.
BUSINESSWEEK.COM reports "Chief Executive Officer JEAN-BERNARD LEVY is targeting acquisitions in emerging markets and buyouts of minority partners in VIVENDI’s European businesses to drive growth. The PARIS-based company reiterated its target for a 'slight' increase in earnings before interest, taxes and amortization and a 'high dividend' for the full year."
UNIVERSAL MUSIC GROUP sales were down 13% to 889 million euros. Digital revenue decreased 1.7%.