Vivendi Universal Posts Leap in Q1 Earnings

24 April 2001

Media giant Vivendi Universal yesterday posted healthy results for the first quarter, boosted by strong performances in its film, TV and telecoms divisions.

The group announced first-quarter EBITDA (earnings before interest, taxes and amortization) of 900 million euros ($812m), up from 425m euros in the same period last year. Revenues jumped 10% over the quarter to 5.9 billion euros.

Earnings from Vivendi’s TV and films operations grew especially quickly, rising from a pro forma 121m euros in Q1 2000 to 284m euros, while revenues rose 13% to 2.08bn euros.

Elsewhere, the group’s telecoms division saw a year-on-year leap in EBITDA from 140m euros to 433m euros, with revenues jumping 30% to 1.5bn euros, while the music division saw 15% earnings growth to 180m euros and a rise in revenue from 1.4bn euros to 1.45bn euros.

Vivendi chief executive Jean-Marie Messier expressed confidence that the company could meet its EBITDA growth targets of 35% for 2001 and 10% for 2002.

News source: Wall Street Journal