Vivendi is still recovering from ousted CEO Messier's buying spree

Vivendi reported sales of 5.9bn euro (�4.1bn, $5.7bn), broadly in line with market expectations but down sharply on the 14.6 euro figure for the same period last year.

The company has been forced to part with a range of assets acquired in a buying spree led by former chief executive Jean Marie Messier in the 1990s.

The haphazard diversification drove Vivendi to the brink of bankruptcy, forcing it to sell off many of its businesses, including its waste, energy and transport arm and its publishing division.

Mr Messier was ousted last year.

Diverse interests

Vivendi's telecoms arm Cegetel, France's second largest mobile provider, outperformed other divisions with an 8% rise in revenue.

But Cegetel sales failed to compensate for weak showings by flagship division Universal Music Group, the world's largest record company, whose revenues in the third quarter shrank 16% on last year's figure.

Weak sales were also a drag in the film, TV and video game sectors known as Universal Entertainment.

Vivendi hopes to complete a merger of this division with General Electric's NBC television network next year.

The sale of Editis, formerly Vivendi Universal Publishing, to defence and media group Lagardere is still awaiting regulatory approval.

Vivendi said the effects of the restructuring account for 2% of the drop in sales.

The company also pinned some blame on the strength of the euro.