EMI Posts Profit After Restructuring Units
From Associated Press
British music giant EMI Group posted a profit for fiscal 2005 after shedding underperforming artists and reorganizing its labels to counter a decline in recorded music sales.
EMI, which owns Virgin and Capitol record labels, earned 56.3 million pounds ($103.2 million) for the year ended March 31. That contrasted with a loss of 71.6 million pounds the year before, which reflected an 84.5-million-pound restructuring charge.
Revenue slipped to 1.94 billion pounds ($3.55 billion) in fiscal 2005 from 2.12 billion pounds in the previous year.