Vivendi’s profit falls 51%; firm boosts ’07 outlook
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From the Associated Press
Vivendi said its fourth-quarter profit dropped 51% from the year-earlier period, when the media and telecom company had a tax credit and asset sales.
Vivendi, parent company of Universal Music, said it earned 610 million euros ($799 million) in the fourth quarter.
The company raised its profit outlook, saying it expects 2007 adjusted net profit of at least 2.7 billion euros ($3.5 billion).
Universal Music sales in the quarter dropped 1.5% to 1.66 billion euros ($2.19 billion).
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