Metro cuts losses in first quarter
AFP · 21 Apr 2008, 10:59
Published: 21 Apr 2008 10:59 GMT+02:00
Metro also reported a 6.0 percent decline in sales in the first quarter to €72.42 million from first quarter of 2007.
At the operating level, group loss shrank to €5.57 million from 8.79 million.
"Market difficulties, particularly in Spain, Denmark and the United States, put pressure on sales and advertising prices, but strong cost-cutting measures helped to reduce the impact of the economic slowdown in certain markets," said group chief executive Per Mikael Jensen in a statement.
Metro papers are distributed in 21 countries in Europe, North and South America and Asia. The company says it has 20 million readers worldwide.
Metro International ended 2007 with a net loss of €19 million.
Metro shares were showing a loss of 1.0 percent at 48.5 kronor on a generally stronger Stockholm market.