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Paris (pte053/17.06.2003/16:12) - Vivendi Universal has closed the first quarter of 2003 with a net loss of 319 million euros. While still deep in the red, the ailing media group has managed to cut back last year's loss of 815m euros by more than half.
As Vivendi http://www.vivendi.com announced today, group turnover was 6.232bn euros in the first quarter, compared to 14.649bn in the same period the year before. Operating profits grew by 39 per cent to 844m euros on a pro forma basis. At the end of the quarter, group debt amounted to 15.3bn euros (including four billion from a majority purchase in Cegetel).
In the media business, entertainment subsidiary Vivendi Universal Entertainment (VUE) was able to increase turnover by five per cent to 1.45bn euros - mainly due to the acquisition of USA Networks. However on a pro forma basis turnover dropped by five per cent. Operating profits were 213m euros. Universal Music Group fared poorly, posting an operating loss of 28m euros and turnover of 1.1bn euros. The Vivendi games division made an operating loss of 24m euros with a turnover of 106m euros.
On the brighter side, the Canal+ Group managed to make a profit. The telecommunications department was also lucrative, with Cegetel-SFR improving operating profits by 30 per cent to 465m euros and turnover growing four per cent to 1.78bn euros.
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