Vivendi SA Reports Net Income Down 3.5%
Universal Music Group Revenues Down 5.4%
September 1, 2010 at 4:05 AM (PT)
UNIVERSAL MUSIC GROUP's parent company, VIVENDI SA has reported net income fell 3.5% in the second quarter due to fewer music releases from artists like EMINEM and LADY GAGA, but it raised its full-year outlook as it expects strong results from video games and mobile services in emerging markets.
VIVENDI claimed "fewer international releases and lower demand drove down UNIVERSAL MUSIC GROUP's revenues by 5.4% to e1.9 billion," reports THE ASSOCIATED PRESS.
For the first six months of the year, VIVENDI reported a 4% increase for the first half of 2010 in adjusted net income to euro1.53 billion. That figure exceeded analysts' estimates polled by THOMSON REUTERS -- and said earnings before interest, taxes and amortization rose 11.9% to e3.24 billion.
CFO PHILIPPE CAPRON said first-half results this year were "a bit dampened," but that VIVENDI had already guided financial markets about the situation. The dividend of euro1.40 per share will be maintained.
"We did not have a very exciting release schedule" in the first half, and releases were "heavily slanted" to the second-half, CAPRON said about UMG. "The business continues to cope with a very challenging environment."