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.

Want to read more articles like this one? SUBSCRIBE TO VARIETY TODAY.
Post A Comment 0

Marketplace

    Leave a Reply

    No Comments

    Comments are moderated. They may be edited for clarity and reprinting in whole or in part in Variety publications.

    Fill in your details below or click an icon to log in:

    WordPress.com Logo

    You are commenting using your WordPress.com account. Log Out / Change )

    Twitter picture

    You are commenting using your Twitter account. Log Out / Change )

    Facebook photo

    You are commenting using your Facebook account. Log Out / Change )

    Google+ photo

    You are commenting using your Google+ account. Log Out / Change )

    Connecting to %s

    More Music News from Variety

    Loading