Vivendi reports 40.5 percent fall in Q1 net profit

15th May 2008, Comments 0 comments

The French media and telecom group said its first quarter net earnings fell to EUR 555 million.

15 May 2008

PARIS - The French media and telecom group Vivendi said Wednesday its first quarter net earnings fell 40.5 percent to EUR 555 million from the same period in 2007.

The company attributed the results to an exceptional gain realised in 2007, when it sold a 10.18 percent stake in cable television operator Canal Plus to the media and defence group Lagardere for EUR 239 million.

But Vivendi also reported a 9.6 percent decline in its adjusted net earnings in the first quarter.

The group nonetheless said it had had "a very good quarter" and confirmed prospects for 2008, namely a gain in net earnings of about 8.0 percent.

Sales in the first quarter rose 5.2 percent to EUR 5.3 billion.

[AFP / Expatica]

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