Vivendi net profit rises 4.4 percent in 2010

1st March 2011, Comments 0 comments

French media and telecom group Vivendi said Tuesday its 2010 adjusted net income rose 4.4 percent to 2.7 billion euros ($3.7 billion) and forecast a slight rise in profit this year.

Revenues rose 6.4 percent to 28.9 billion euros.

Earnings attributable to Vivendi shareholders were 2.2 billion euros, compared to 830 million euros in 2009.

The company clawed back 450 million euros in provisions for a class action lawsuit in the United States, where Vivendi was found guilty last year of misleading investors about the company's finances and ordered to pay 550 million euros.

A subsequent ruling reduced the penalty, with Vivendi accordingly cutting back its provisions for the litigation to 100 million euros.

"Vivendi achieved good results in 2010," Vivendi chief executive Jean-Bernard Levy said.

"Despite difficult economic conditions, and regulatory and tax measures weighing heavily on our investment, 2011 should see slight growth in our earnings ... and the maintaining of a high cash dividend," he added.

At 1315 GMT, Vivendi shares were up 0.05 percent at 20.67 euros.

© 2011 AFP

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