Slowdown hits Vivendi's H1 net
By Greg Keller |
September 2, 2009, Wednesday
|
Print Edition
Print Edition
VIVENDI SA said yesterday that its net profit slipped 3 percent in the first half as the slowdown hit earnings at its core music and mobile telecommunications businesses.
Paris-based Vivendi, one of the world's largest media and entertainment companies with holdings ranging from Universal Music Group to the Canal Plus pay television service, said net profit in the six months ending June 30 was 1.19 billion euros (US$1.7 billion), down from 1.22 billion euros a year earlier.
Vivendi Chief Executive Jean-Bernard Levy said the company was "successfully weathering the current economic slowdown," which is having "a real but limited impact."
Levy confirmed Vivendi's target of achieving strong growth in earnings before interest, tax and amortization over the full year.
The company's underlying profit, which excludes most nonrecurring and non-operating items, rose 1 percent to 1.47 billion euros in the first half, from 1.45 billion euros a year earlier.
Earnings before interest, tax and amortization rose 13 percent in the first half to 2.9 billion euros, up from 2.57 billion euros a year earlier.
Paris-based Vivendi, one of the world's largest media and entertainment companies with holdings ranging from Universal Music Group to the Canal Plus pay television service, said net profit in the six months ending June 30 was 1.19 billion euros (US$1.7 billion), down from 1.22 billion euros a year earlier.
Vivendi Chief Executive Jean-Bernard Levy said the company was "successfully weathering the current economic slowdown," which is having "a real but limited impact."
Levy confirmed Vivendi's target of achieving strong growth in earnings before interest, tax and amortization over the full year.
The company's underlying profit, which excludes most nonrecurring and non-operating items, rose 1 percent to 1.47 billion euros in the first half, from 1.45 billion euros a year earlier.
Earnings before interest, tax and amortization rose 13 percent in the first half to 2.9 billion euros, up from 2.57 billion euros a year earlier.
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