PARIS: French media company Vivendi Universal posted a narrower first-half net loss thanks to fewer exceptional charges and rising operating profits at its telecoms and pay television units today.

The company, which has been divesting assets to cut debt and is in the midst of selling its US entertainment assets, reported a net loss of 632 million euros compared to a year-earlier loss of 12.31 billion euros. The figure however was worse than the 533 million loss expected by analysts.

As reported earlier by Indiantelevision.com the company struck a deal with NBC to sell its Universal properties including the theme parks and television stations. The company's size and shape has changed since the first half of 2002, making comparisons difficult, but the company reported a forecast-beating first-half operating profit of 1.677 billion euros which it said was up 20 per cent on a pro forma basis. Analysts had predicted a first half operating profit of 1.571 billion euros.