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EMI Group saw overall revenues rise 61% during the first three months of the year, according to a memo issued to staff by Terra Firma chief Guy Hands. He attributed the growth to cost reductions and strong music releases.

In the first quarter, the company�s recorded music division had earnings of nearly £60 million ($119 million) before interest, tax, depreciation and amortization. A year earlier, the first quarter posted a loss of $89.6 million.

�It can be misleading to look at just one quarter in isolation due to the timings of releases,� Hands wrote. �As we all know, the recorded music business is extremely volatile and we cannot count on future quarters always being this good.�

The new album from Coldplay, �Viva la Vida,� was released at the tail end of the quarter and had strong sales worldwide.

Under Terra Firma�s ownership, EMI has been a private company for the last 12 months. It had previously been publicly traded. Detailed financial results are not available.