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Vivendi Net Profit Up Sharply
November 13, 2008
By Reuters
French media and telecommunications giant Vivendi SA said Thursday that net profit increased more than fourfold to 2.76 billion euros ($3.46 billion) in the third quarter from 578 million euros a year earlier, thanks to gains on Vivendi's stake in video game publisher Vivendi Games.
Vivendi Games merged with Activision in July to form Activision Blizzard. Vivendi's underlying profit in the third quarter fell however as lower earnings at its SFR mobile telecoms business offset gains at its Canal+ pay-TV operations.
Adjusted net income in the three months through September fell 13.3 percent to 625 million euros ($783 million) from 721 million euros a year earlier, Vivendi said in a statement.
Analysts monitor Vivendi's the adjusted net as their measure of profitability, which excludes most nonrecurring and non-operating items.
Vivendi, the owner of the world's biggest record company, Universal Music Group, also said it is on track to achieve its targeted growth in earnings this year. The company expects profit growth excluding gains from acquisitions this year to be similar to the 8.3 percent recorded in 2007.
Earnings before interest, tax and amortization - a gauge of core profitability known as EBITA - fell 4 percent in the third quarter to 1.28 billion euros ($1.6 billion).
Profitability at SFR, Vivendi's biggest money earner, declined due to customer acquisition costs linked to its takeover earlier this year of Neuf Cegetel, a rival French telecoms operator.
Vivendi shares closed up 3.4 percent at 20.00 euros ($25.06) Thursday.
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