PARIS: Second-quarter net profit at French entertainment and telecommunications conglomerate Vivendi dropped 49% year-on-year. However, the firm stuck to its guns as to the full-year outlook.
Net revenues fell to €594 million ($810.28m; £401.82m) from €1.16 billion including exceptional gains in the year-ago quarter. Second-quarter sales rose 7.4% to €5.2bn.
Stripping out the gains, adjusted income rose slightly to €755 million from €750 million. The figures exclude certain charges such as impairment of goodwill and income from discontinued operations.
Vivendi's stable includes the world's biggest music company Universal Music Group, Canal Plus television and Vivendi Games. It also holds majority stakes in telecom operators SFR and Maroc Telecom.
Data sourced from Wall Street Journal Online. additional content by WARC staff