Viacom: quarterly profit up thanks to box office hits

(CercleFinance.com) - After a "strong" performance in the fourth quarter, US media and entertainment giant Viacom expects to return to top-line growth in fiscal-year 2018/2019, the company said on Friday.


Viacom - which owns several media businesses, including MTV, Comedy Central and the Paramount movie studio - said that Q4 adjusted operating income rose to 670 million dollars, from 578 million dollars in the same period a year ago.

Consolidated revenues increased 5% in the past quarter, reaching 3.48 billion dollars, driven by double-digit growth at Paramount.

The company said Paramount Pictures has benefited from the strong performances of movies such as "Mission: Impossible - Fallout," "A Quiet Place" and "Book Club."

Still, overall revenue fell 2% in full-year 2017/2018.

"As we head into 2019, we are excited about the company's evolution and expect to return to topline growth," said CEO Bob Bakish.

Viacom shares are up 1.3% in early morning trade on Friday.

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