EMI shares fall on new profit threat

British record company EMI Group shares fell 12 percent as it has cut its revenue and profit forecasts for the second time in just over a month. It is blaming a slump because of weak sales of CD and DVD in the United States. EMI shares fell to their lowest in 15 months after it warned that sales at its recorded music division will fall 15percent lower than a year earlier. A month before EMI declare that its music sales would be down by 6 to 10 percent for the full-year through to March as all major record companies, struggling to cope with the growing trend of consumers choosing to download individual songs from the internet rather than buying whole albums in physical form. EMI, which is the world’s third biggest music group, with artists including the Beatles, Robbie Williams and Pink Floyd, announced a cost cutting and restructuring plan last month and two senior executives left the company after poor Christmas sales.