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Vivendi CEO says 2012, 2013 to be difficult
March 1, 2012 / 6:56 AM / 6 years ago

Vivendi CEO says 2012, 2013 to be difficult

PARIS, March 1 (Reuters) - Vivendi Chief Executive Jean-Bernard Levy said this year and next would be difficult as Europe’s largest telecoms and entertainment group battles tougher competition in its domestic mobile market.

The CEO set a target for adjusted net profit of more than 2.5 billion euros ($3.34 billion) this year, a drop from the record 2.95 billion achieved last year.

Levy said the group’s French telecom unit, SFR, had lost 200,000 subscribers in the first two months of the year following the entry of fourth mobile operator Iliad with ultra-low price offers.

“Obviously we are losing subscribers, it’s normal,” Levy said on a conference call on Thursday. ($1 = 0.7476 euros) (Reporting by James Regan; Editing by Laurence Frost)

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