Euro Fluctuation Boosts Warner Music's Net Income -- Currency Comment

By Paulo Trevisani

Warner Music Group said Thursday that foreign exchange rates helped boost its fiscal second-quarter results.

The company reported an increase in net income to $96 million in the period ended March 31, from $37 million a year earlier.

Warner said the increase was primarily due to the impact of FX on its euro-denominated debt resulting in a gain of $21 million, compared to a loss of $20 million a year earlier. The company added that the positive impact was partially offset by an increase in interest expense.

The euro lost 2.17% versus the U.S. dollar in the three months through March 29.

Write to Paulo Trevisani at [e-mail]

(END) Dow Jones Newswires

05-09-24 1130ET