French media giant Vivendi Universal has posted a whopping 35 per cent drop in its third quarter net profit. The profit posting was a mixed bag, with operating profit increasing on the back of a strong quarter for Universal Music.

Overall, profit for the quarter dropped to €647 million, compared with €1 billion in the same period last year. Last year, however, profit was boosted in the quarter by a €388 million tax gain.

The outlook for the full fiscal year remains unchanged.