Net loss at French media group Vivendi soared from E183 million in Q1 2001 to E17.0 billion for the first quarter of this year, according to the company’s financial results. Revenues came in at E13.2 billion, up from E11.3 billion last time.
The results follow better than expected figures at Vivendi’s Media & Communications last week (see
Messier Holds Position At Vivendi As Figures Beat Expectations) and, combined, the figures have led embattled chief executive Jean-Marie Messier to reduce the Media division’s full year debt to earnings ratio forecast.
Messier says that Vivendi will not embark on any ‘significant acquisition activity’ in 2002, as part of an ‘agressive’ plan for debt reductions. The heavy losses sustained by the group following a spending spree by Messier very nearly cost the chief executive his job at the recent AGM.
