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Vivendi raises profit target


Vivendi raises profit target


Europe’s largest telecom and entertainment group Vivendi has raised its annual profit targets after posting better than forecast first-half results.

There were strong earnings from French telecom operator SFR, which is 56 percent owned by Vivendi.

Group operating profit rose 11.9 percent to 3.24 billion euros, boosted by Vivendi’s new Brazilian telecoms unit and video game sales.

Vivendi, which owns Universal Music Group and pay-TV operator Canal+, plans to maintain its 2010 dividend at the same level as last year, 1.40 euros per share.

“Vivendi is back to growth in the first half of 2010 and improves its full year outlook,” Chief Executive Jean-Bernard Levy said.

Operating profit at SFR, which accounts for more than half of Vivendi’s revenues, was up 6.6 percent to 2.11 billion euros, ahead of analysts’ expectations.

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