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A massively slimmed-down EMI Music is now showing some financial progress, according to an internal memo circulated by chairman Guy Hands. After a "massive reduction in waste," Hands pointed to an earnings jump of 61 percent during the recent quarter. Specifically, EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) landed at £59.2 million ($118 million), up from a significant loss of £45.1 million ($90 million) during the same period last year.
That is more than a £100 million ($199 million) improvement, though serious questions continue to surround longer-term prospects. Trimming the fat is one thing, though it remains unclear if Hands can build a sustained business in the face of massive piracy and sinking CDs.
That could eventually shift the focus onto time-tested catalog, of which EMI carries a considerable collection, and the relatively stable publishing division. Just recently, Hands pointed to a dismal sales performance on new recordings, though Coldplay undoubtedly caused a lift in the recent quarter.
Earlier this month, Hands tapped packed goods executive Elio Leoni-Sceti to head the EMI Music unit, part of a larger makeover at the top.
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