US corporate results round up
Viacom beats Street view
VIACOM posted a higher-than-expected quarterly profit yesterday, boosted by an increase in revenue from its cable networks’ fees and digital licensing of its TV shows and movies.
The parent of MTV and Nickelodeon benefited mainly from an increase in affiliate fee revenue from cable and satellite distributors.
Net income rose to $588m in the second quarter from $376m, a year earlier.
Losses widen at MGM
LOSSES have widened at MGM Resorts in the last three months, the casino operator said yesterday, despite an increase in revenue.
MGM reported losses of $217.3m compared with $89.9m a year earlier, as expenses rose by 48 per cent. Casino revenue more than doubled, while room revenue lifted 6.9 per cent.
The group’s Las Vegas resorts performed particularly well, with revenue per room up 4.5 per cent as occupancy rose.
BGC hit by market chaos
PRE-TAX profits at financial trading intermediary BGC Partners fell by 9.5 per cent in the first quarter of 2012, despite an increase in revenues.
A 10.5 per cent rise in revenue to $403.9m, compared to $365.5m in the same period last year, was not enough to offset what it called an “industry-wide decline in activity across the financial markets”, which saw profits dip 9.5 per cent.