Metro profit falls

Media company Metro has reported an operating profit of 4.6 million dollars for the second quarter of 2007. That compares to a profit of 6.5 million dollars in the same period last year.

Sales increased by 6.9 percent to 119.8 million dollars, up from 112.1 million dollars, while profit before tax dropped to 3.7 million dollars from 5.3 million dollars.

According to Metro managing director Pelle Törnberg, the second quarter is traditionally stronger than the first quarter. Sweden is still considered to be a problem market for the free newspaper firm.

“As we also wrote in the first quarter report, difficulties with the Swedish operation are continuing to influence the results for the second quarter, although to a lesser degree,” wrote Törnberg in the report.

The property supplements, which are produced in Stockholm and Malmö, have reached break-even although sales are 30 percent down on 2006.

It was expected that a new managing director would be revealed when the results were released, but according to the report the process of finding a successor to Pelle Törnberg is still ongoing. The board said they hope to be able to present a name “shortly”.