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Advertising slump sees Metro losses burgeon

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14:20 CEST+02:00
Free newspaper giant Metro International is to continue its search to slash costs after reporting a substantially increased loss in the second quarter.

Metro made an operating loss of €3 million in the second quarter, according to interim results released on Monday. The loss is a significantly worse result than in the same period last year, when the company lost €0.6 million.

Turnover at the company, owned by Swedish conglomerate Kinnevik, was €60.7 million, compared with €81.5 million in the second quarter of 2008.

The company's Swedish operations saw turnover fall to €13.4 million from €19.3 million a year earlier. The Swedish arm made an operating profit of €1.2 million, compared with €2.7 million a year earlier.

Writing in the quarterly report, CEO Per Mikael Jensen warned that the prospects for the global advertising market remain bleak in all categories. He said he expected the rest of the year to develop "in the same direction" as the first six months. Metro was continuing to evaluate further cost-cutting measures, Jensen added.

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