Music group EMI posts huge loss
The British music company EMI posted a massive loss of 757 million pounds—equivalent to 1.39 billion Swiss francs—in its first fiscal year under the ownership of private equity investors. According to the company, the massive decline in earnings is largely attributable to financial burdens related to loans and exchange rates.
In its first financial year in the hands of financial investors, the English music group EMI made a huge loss of 757 million pounds - equivalent to 1.39 billion Swiss francs. This represents an increase of 470 million pounds compared to the previous year. According to the company, the massive deterioration in the result is largely due to financial burdens from loans and exchange rates.
EMI recently launched another round of cost-cutting in Switzerland. The workforce has now shrunk from a good 50 employees to just 9.
EMI recently launched another round of cost-cutting in Switzerland. The workforce has now shrunk from a good 50 employees to just 9.
