EMI music unit swings to profit
From Times Wire Services
EMI Group Ltd., the music company controlled by Terra Firma Capital Partners, said its recorded music unit swung to a profit in the fiscal first quarter after it cut jobs and stemmed excess shipments of CDs.
EMI’s recorded music division earnings before interest, tax, depreciation amortization totaled 59.2 million pounds ($118 million) in the three months through June compared with a loss of 45.1 million pounds a year earlier, the London company said. Revenue grew 61% to 288 million pounds.
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