EMI Group posted a sharp fall in first-half profits today and said market conditions were going from bad to worse, making it difficult to predict the outcome for the rest of the year.
The British music giant, home to artists such as Mariah Carey and the Rolling Stones, said its operating profit slid to £43.1 million sterling in the six months to the end of September from a previous £110.9 million.
Analysts had forecast operating profit of between £42.8 and £46.3 million.
"The final results will depend critically on market trends, which have shown some deterioration in the past two months," EMI chairman Mr Eric Nicoli said in a statement.
EMI warned in September full-year pre-tax profits would slide 20 per cent despite a strong release schedule, as sales floundered in the United States, the world's biggest market.