Vivendi Q1 Adj. Profit Rises

(RTTNews) - French media and music company Vivendi SA (VIVEF.PK) on Tuesday said its first-quarter net income to shareholders dropped to 33 million euros or 0.02 euros per share from 431 million euros or 0.32 euros per share last year.

Results for the quarter included earnings from discontinued operations of 17 million euros, compared with 584 million euros a year ago.

Excluding items, Vivendi reported adjusted earnings of 136 million euros or 0.10 euros per share compared with 109 million euros or 0.08 euros per share in the prior year.

Adjusted earnings were driven by an increase in income from operations, higher income received from investments and lower interest expense, partly offset a rise in income tax expense.

The company's EBIT for the quarter rose 17% from a year ago to 117 million euros.

Revenues for the quarter rose 7.5% to 2.49 billion euros from 2.32 billion euros a year ago. On a constant currency basis, revenues were up 2.5%.

At its pay-TV and movie producing business, Canal+ Group, revenue rose 4 percent from last year to 1.37 billion euros. Universal Music Group revenue rose 11.6% to 1.1 billion euros.