Vivendi soars on second-quarter results
LONDON - Shares in Vivendi Universal rose more than 5% this morning to 63.20 (£38.60) as the French media giant posted stronger-than-expected second-quarter results helped by strong performances from its film and telecoms units.
During the three months to June 30, Vivendi said pro-forma revenues were 6.69bn (£4.1bn), up from 5.79bn (£3.5bn) last time. These figures assumed Vivendi had already acquired the Seagram business in the comparative period last year.
Earnings before interest, tax, depreciation and amortisation rose to 1.3bn (£793.5m)
from 830m (£506.6m).
Vivendi's TV and film unit posted second-quarter Ebitda of 314m (£191.7m), up 84% from last time on revenues of 2.2bn (£1.3bn), an increase of 11% year on year.
Universal Studios, which Vivendi acquired as part of the Seagram drinks unit, saw Ebitda soar 193% to 169m (£103.2m) boosted by strong box office performances from The Mummy Returns, The Fast and the Furious and Jurassic Park III.
The telecoms unit saw revenues increase by 51% to 2bn (£1.2bn) and Ebitda grew 70% to 703m (£429.2m). The division's success was largely achieved because of a hike in subscriber numbers at its largest subsidiary Societe Francaise de Radiotelephone (SFR). The division added 640,000 customers bringing its total to 11.2m.
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