AMSTERDAM (Reuters) – Universal Music Group NV (UMG), the record label behind many of the music industry’s biggest stars, on Wednesday reported a 12% rise in third quarter core earnings to 426 million euros ($494 million), in line with company forecasts.
UMG’s earnings before interest, taxes, depreciation and amortization (EBITDA) compared with 380 million euros in the same period a year ago.
It was the first time UMG has published earnings as an independent public company after it was spun off from former parent Vivendi in September in Europe’s largest listing of the year.
($1 = 0.8627 euros)
(Reporting by Toby Sterling; Editing by Mark Potter)
