EMI Music reports profits

Operating profits at EMI Music rose 39% to T212 million ($ 313 million) in the nine months to the end of December, with sales growing 20% to T1.37 billion ($ 2.02 billion).

The strong results contributed the lion’s share of parent Thorn EMI’s profits from continuing operations in the period, which increased 23% to T291.4 million ($ 430 million).

EMI Music performed strongly in Europe, but the company reported mixed results in North America, where its New York-based labels — Chrysalis, SBK and EMI — produced “disappointing” results.

However, L.A.-based Capitol met its targets, and recently acquired Virgin performed strongly worldwide, recording the best-ever quarterly figures in its 21-year history during the three months before Christmas.

Total profit for Thorn EMI, the British leisure-to-electronics group, reached T301.4 million ($ 445 million), including the figures from Thorn’s discontinued operations.

The company is re-focusing its biz on music, hardware rental and retailing, and withdrawing from the security and electronics sector.

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