Vivendi hit by lower SFR contribution

French media and telecoms group Vivendi suffered a drop of €1.5 billion in net income in the first half of the year, with EBITDA falling 12.7% to €2.9 billion, thanks in part to a lower contribution from telco SFR.

SFR’s revenues dropped by 5.9% in the first half to €5.76 billion thanks to the impact of price competition and regulatory intervention.

Pay TV arm Canal Plus’s revenues grew by 3.3% to €2.47 billion. However, EBITA fell from €495 million to €483 million, attributed to “seasonal effects” in mainland France. The Canal Plus France portfolio of channels recorded net growth of 350,000 subscriptions year-on-year at the end of June, including 140,000 from Africa.

Vivendi said its adjusted net income for the full year should be above €2.5 billion before exceptional telecom restructuring charges, in line with forecasts.