EMI’s net income drops 62% as revenue slides
EMI Group reported a sharp drop in profit and sagging revenue in the first half but said it was confident of a stronger showing in the second half.
The music company’s results were affected by fraud uncovered at EMI’s Brazilian operations.
The British entertainment company reported after-tax profit of 14.5 million pounds ($27.6 million) in the six months ended Sept. 30, down nearly 62% from last year.
EMI -- home to Coldplay, Paul McCartney, Keith Urban and the Rolling Stones -- reported that revenue fell 6% to 867.9 million pounds ($1.7 billion).
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