Warner Music Group yesterday said its third-quarter loss narrowed thanks to higher revenue and shrinking costs.
For the quarter ended June 30, the loss was £7.4 million compared with £95.7 million a year earlier. The year-ago quarter included costs related to the company's initial public offering.
Revenue for the New York-based company climbed 11 per cent to £439.5 million from £396.7 billion, while costs and expenses were £424.5 million in the latest quarter, versus £445.9 million a year ago.
"Continued execution on our strategy delivered balanced double-digit revenue growth both domestically and internationally, produced significant margin and market share gains and sustained our leadership position in digital," Edgar Bronfman Jr, Warner Music Group's chairman and chief executive, said in a statement.
Warner saw revenue from its recorded music business overall rise 15 per cent to £362.5 million during the quarter.
Recorded music digital revenue was £47 million, representing 13 per cent of total recorded music revenue.
Last month Warner said it decided not to pursue a merger with Britain's EMI Group, following an antitrust ruling by a European court.