Warner Music Group reported a 23% decline in annual profit for the fiscal year ending Sept. 30 as the termination of BMG’s distribution agreement resulted in lower revenue, though higher publishing and recorded music revenues bolstered annual revenues.

WMG’s net income for the 12 months ending Sept. 30 fell to $370 million from $478 million a year ago due to several factors including restructuring costs, the BMG deal ending, and a difficult comparison to the prior year, which included additional revenue from certain deals with artists and streaming partners. Quarterly net income was up, rising to $109 million compared to $48 million in the year-ago fiscal quarter. Operating income fell by $129 million to $694 million compared to $823 million a year ago.

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