Vivendi third quarter net profit falls 24 to 376 mn

2013-11-14 05:00:55

(MENAFN- AFP) French media and telecoms group Vivendi said Thursday its third quarter net profit fell 23.7 percent to 376 million euros ($506 million) but confirmed its annual targets.

The group also said studies were also continuing into splitting up its telecoms and media assets, which includes Universal Music Group.

Sales rested stable at 5.3 billion during the July to September period, while operating profit slumped by a quarter to 610 million euros.

Mobile operator SFR saw its third quarter sales slide 8.7 percent to 2.5 billion euros as competition remained stiff on the French telecommunications market.

Operating profits plunged 37.8 percent to 334 million euros.

Universal Music Group saw its operating profits jump 36.6 percent to 112 million euros on the back of an 18.5 percent increase in sales to 1.1 billion euros.

Premium TV company Canal+ posted a 6.8 percent increase in sales to 1.2 billion euros, but operational profit dropped 9.2 percent to 217 million euros due to increased costs for programmes.

Vivendi said the group's net debt would drop from 16.4 billion euros to 7.2 billion after the sales of an 88-percent stake in video game maker Activision Blizzard and a 53-percent stake in Maroc Telecom are completed.

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