Vivendi books higher profits despite slump
ENTERTAINMENT giant Vivendi yesterday said consumers were staying at home in the recession, boosting sales of its pay-TV packages and video games, and helping it to report expectation-beating profits for its second quarter.
The Paris-listed firm, which makes smash hit video games such as Guitar Hero, also said its French telecoms business was performing well, although record label Universal Music Group weighed on profits.
Group net profit for the three months to the end of June was up 6.6 per cent to €711m (£626m) from €667m last year, on revenues that jumped 11 per cent to €6.65bn.
Chief executive Jean-Bernard Levy said that the firm’s subscription-based television group Canal Plus booked a surge in profits after attracting new customers and cutting costs.
Meanwhile, the firm’s French telecoms business gained market share thanks to the launch of the latest Apple iPhone.
But record label Universal Music Group, which counts Amy Winehouse among its signings, saw profits tumble as piracy continues to take its toll on music sales.