UPDATE 1-Vivendi outperforms in Q3, big profits from disposals

viernes 14 de noviembre de 2014 15:00 GYT
 

(Adds details from call, recasts)

By Leila Abboud and Gwénaëlle Barzic

PARIS Nov 14 (Reuters) - European media group Vivendi posted a rise in profit that beat expectations on Friday due to cost cutting and the performance of its music business, while it stayed mum on plans to use billions earned from selling telecoms units.

Vivendi, which is nearing the end of a strategy overhaul began in spring 2012, more than doubled the profits attributable to the group to 839 million euros in the third quarter, including the proceeds from selling Maroc Telecom and a stake in headphone maker Beats.

Pro-forma third-quarter sales fell 0.9 percent to 2.4 billion euros, while adjusted net profit more than doubled to 189 million euros.

Analysts were expecting sales of 2.6 billion euros ($3.24 billion) and net profit of 151 million euros, according to Thomson Reuters I/B/E/S.

"These were strong numbers at the EBITA level, 12 percent ahead of consensus," said Charles Bedouelle, Exane BNP Paribas analyst. "We expect a positive reaction on Monday morning."

The figures were shorn of Brazilian broadband unit GVT after Vivendi agreed in September to sell the business to Spain's Telefonica for 7.2 billion euros.

The GVT deal is expected to close in the second quarter of next year, and the sale of French telecoms group SFR to Numericable on Nov. 27, Vivendi said.   Continuación...