Vivendi Universal has moved back into the black amid signs its restructuring is paying off.

The media mammoth posted third-quarter net earnings of €131 million ($157m; £91m), up from a €1.23 billion loss in the same period last year. Vivendi was boosted by a one-off gain of €144m in the three months to September, whereas it suffered from an exceptional loss of €735m in Q3 2002.

Revenues tumbled 59% to €5.9bn, reflecting Vivendi's asset disposal programme over the last twelve months. Excluding these divestments, revenues were down slightly from €6.33bn in Q3 last year.

Vivendi has been selling off assets to reduce its debt mountain. It now owes €12.8bn, down by €6bn since the third quarter last year.

Data sourced from: The Wall Street Journal Online; additional content by WARC staff