Music division registers $45M earnings.
A financial turnaround at Universal Music Group helped parent company Vivendi Universal register better-than-expected first-quarter results today (May 19)
Greater margins on higher sales volumes and lower restructuring costs underpinned earnings of €36 million ($45.5 million) at UMG for the three months ending March 31. In the corresponding period last year, UMG posted an €11 million ($13.9 million) loss.
Also during the period, UMG registered 11% year-on-year revenue growth to €1.038 billion ($1.3 billion). On a constant currency basis, UMG sales rose 14%.
First-quarter VU earnings were €877 million ($1.1 billion), up 22% on the corresponding period last year. Group revenue rose 7% to €4.56 billion ($5.7 billion). Total sales were up 8% on a constant currency basis.