July 30, 2020 / 4:32 PM / 6 days ago

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

PARIS, July 30 (Reuters) - French media giant Vivendi 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 ($866.79 million). Revenues dropped by 2% from a year earlier at constant currency rates to 7.58 billion euros. ($1 = 0.8480 euros) (Reporting by Mathieu Rosemain; Editing by Susan Fenton)

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