EMI reports $127.4M loss

Music company EMI Group PLC said Monday it lost about $127.4 million in its latest fiscal year as sales continued to fall, but added that the music market showed signs of improving.

EMI, whose artists include Norah Jones, Coldplay and Robbie Williams, posted a loss after tax and minority interests of 71.6 million pounds in the year to March 31, 2004 in contrast to a profit of 234.2 million pounds in the previous 12 months.Group sales for the year was 2.12 billion pounds ($3.77 billion), down 2.5 percent from 2.17 billion pounds in the year to March 31, 2003. But EMI said it outperformed the global music market, which declined by 5.6 percent, and chairman Eric Nicoli expressed optimism for the year ahead.

"For the first time in several years, there are encouraging signs of market improvement, particularly in the United States, the world's largest music market," he said.

The company also reported rapid growth in revenues from new sources such as downloads. It said legitimate digital music revenues trebled to over 15 million pounds ($26.7 million).

Shares in EMI was down 4.15 percent to 236.75 pence ($4.21) on the London Stock Exchange.