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Universal profits up for quarter, down for the year
By CMU Editorial | Published on Tuesday 2 March 2010
The Universal Music Group had a good last quarter of its last financial year, with profits up 11.9% year on year (18.7% when currency fluctuations are taken into account), despite revenues being down. Which is all lovely. Unfortunately for the year as a whole revenues were down 6.2% while profits were down 15.5% to 580 million euros. Digital sales, though, were up again, as you’d presumably expect.
We know all this because financials have been released by Universal’s parent company Vivendi. Management there remain cautious, despite losses being down and overall results being better than expected, mainly due to boosts in the French conglom’s gaming and telecom divisions.