Vivendi net profit shrinks on 1.38 bln euro 4Q loss

By AFP

July 15, 2010 Updated Mar 2, 2009 at 5:02 AM CDT

Media and telecoms group Vivendi reported Monday that net profit for 2008 shrank by 0.8 percent to 2.6 billion euros (3.27 billion dollars) compared with a year earlier, following a net loss of 1.38 billion euros in the fourth quarter.

According to a consensus of analysts cited by Oddo Securities, the annual net profit was expected to increase by 5.2 percent.

Annual turnover was 25.4 billion euros, up 17.2 percent, the group said in a statement, essentially meeting analysts' expectations of 25.5 billion euros.

"We have achieved the objectives we set at the beginning of 2008. Despite a rocky environment, the operational performance was excellent," said Vivendi chief executive Jean-Bernard Levy said in a statement.

"I am starting 2009 with confidence and vigilance despite the crisis... We will continue our profitable growth. The adjusted operational result for Vivendi should progress strongly in 2009," he added.

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