Universal’s pre-tax profits down 62%

CD sales at the Irish arm of the music giant that counts U2, Madonna and Lady Gaga amongst its artists, dropped by one third last year — contributing to a 62% drop in pre-tax profits.

Newly-filed accounts for Universal Music Ireland show a drop in pre-tax profits to €596,515, last year, with revenues down by 16% to €12m.

A breakdown of the revenue figure shows that the firm recorded a 32% drop in CD sales last year, from €10.3m to €6.9m. In 2010, Universal Ireland generated pre-tax profits of €1.5m.