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Finance

Activision buoys Vivendi second quarter profits

Wed 31 Aug 2011 3:18pm GMT / 11:18am EDT / 8:18am PDT
FinancePublishing

Games publisher accounts for a quarter of conglomerate's total net profits

Vivendi has reported an increase in revenue and net profits for the second quarter of 2011.

It posted revenues of €7.069 billion (ú6.262b/$10.199b), a year-on-year increase of 0.2 per cent, and net profits of €884 million (ú783m/$1.275b), up 11.9 per cent over the same quarter last year.

The French media conglomerate owns a number of major companies, and attributed its continued growth to Activision and the Brazilian telecoms company GVT.

Earlier this month, Activision posted second quarter revenues of $1.14 billion, with a 53 per cent year-on-year increase in net profit to $335 million - around a quarter of the net profit for the whole of Vivendi.

"Our group is growing by investing in networks, platforms and content," said Vivendi CEO Jean-Bernard LÚvy. "Organic growth and internal creativity enable us to offer consumers innovative digital services."

"Despite the turbulent economic and financial environment, our operational indicators are increasing. We confirm our full year outlook for adjusted net income above €3 billion, and for an increase in the dividend."

In the first half of 2011, Activision Blizzard bought around 43 million shares of its common stock back from its parent company for approximately $479 million. Vivendi now has a 63 per cent interest in Activision.

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