Warner Music Group Corp. today (June 13) posted a narrower loss in its first quarter as a publicly traded company, helped by a weaker dollar and growth of online music sales.

Warner Music Group Corp. today (June 13) posted a narrower loss in its first quarter as a publicly traded company, helped by a weaker dollar and growth of online music sales.

The company, home to such artists as Green Day and Madonna, posted a loss of $35 million, or 28 cents a share, compared with a year-earlier loss of $48 million. The company did not provide a year-earlier per-share loss.

Revenue rose 4.4% year-on-year to $767 million. The company posted $31 million in sales of digital music, much of which was offset by declines in CD sales. The company's distributor of independent labels showed an improvement for the quarter.

Revenue at the company's recorded music unit rose 5 percent, and its operating income before depreciation and amortization (OIBDA), a measurement of cash flow preferred by media companies, more than tripled to $72 million.

Music publishing revenue rose 3.4% and its OIBDA rose 4.4% to $47 million.

-- Reuters