Vivendi 1st Half Net Profit, Revenue Increased
July 30 2020 - 12:47PM
Dow Jones News
By Mauro Orru
Vivendi SA said Thursday that net profit and revenue increased
in the first half of the year thanks to growth at its two main
businesses--Universal Music Group and Canal+ Group--as well as
income generated by the revaluation of interests in Spotify
Technology SA and Tencent Music Entertainment Group.
The French media giant said net profit rose to 757 million euros
($892.6 million) from EUR520 million in the first half of 2019.
Revenue for the period climbed to EUR7.58 billion from EUR7.35
billion, although revenue for the second quarter fell 4.8% to
EUR3.71 billion from the second quarter of 2019 due to lockdown
measures taken in most countries to contain the coronavirus
pandemic.
The company said adjusted earnings before interest and taxes and
amortization--a metric closely watched by analysts--rose to EUR735
million from EUR718 million, while earnings before interest and
taxes rose to EUR660 million from EUR645 million.
Analysts expected first-half revenue of EUR7.04 billion and
Ebita of EUR659 million, according to Visible Alpha consensus.
Vivendi previously completed the sale of a 10% stake in
Universal Music Group for EUR3 billion to a consortium led by
Chinese internet giant Tencent Holdings Ltd.
Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94
(END) Dow Jones Newswires
July 30, 2020 12:32 ET (16:32 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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