Vivendi profits fall as SFR revenues drop

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French media and telecoms giant Vivendi has seen its profits fall, but its results still beat analysts' forecasts.

Adjusted net profit for the fourth quarter of 2012 fell 17.8% to 356m euros (£306m), while for the full year it fell 13.6% to 2.55bn euros.

The group highlighted an "exceptional year" from its Activision Blizzard video games business.

But its SFR mobile unit saw revenues fall 7.3% in the year as it is still adapting to regulatory price cuts.

In August, Vivendi said it would cut jobs, as SFR struggled.

Overall revenues for the quarter rose 5.9% to 8.24bn euros, and for the year edged 0.6% higher to 28.99bn euros,

"Despite a challenging economic environment, all Vivendi subsidiaries reached their outlook in 2012," said chairman Jean-Francois Dubos in a statement.

"Faced with new market conditions and intense competition, some subsidiaries also reorganised their operations and put in place cost reduction programs.

"Activision Blizzard delivered an exceptional year thanks to a series of successful launches."

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