July 30, 2020 / 4:35 PM / 4 days ago

Vivendi's first-half core profits fall 3.8% as advertising revenues hit

FILE PHOTO: A woman walks pass by a sign of Vivendi at the main entrance of the entertainment-to-telecoms conglomerate headquarters in Paris, France, November 21, 2019. REUTERS/Gonzalo Fuentes

PARIS (Reuters) - French media giant Vivendi (VIV.PA) reported a 3.8% drop in first-half core operating profit on Thursday as growth in its music division was offset by steep declines in the group’s advertising and other businesses.

Universal Music Group, Vivendi’s most-prized asset, reported a 3.5% increase in revenues and a 17% jump in core operating profit for January-June, driven by a rise in online subscriptions and streaming revenues.

By contrast, advertising unit Havas saw sales fall by about 12% due to the economic impact of the coronavirus crisis.

Vivendi said its overall adjusted earnings before interest, taxes and amortisation fell to 735 million euros (664.2 million pounds). Revenues dropped by 2% from a year earlier at constant currency rates to 7.58 billion euros.

Reporting by Mathieu Rosemain; Editing by Susan Fenton

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