Metro Intl announces profits for Q4

Posted by Alisa Zykova on February 4, 2010 at 5:05 PM

Metro International, the largest free newspaper group in the world, reported a profit in the fourth quarter of last year following minimised operations and a growing share in "most of its markets," said Reuters today.

Total operating profit amounted to €5.9 (US$8.1) million for the period, compared to a loss of €9.8 (US$13.5) million the same time in 2008, wrote the Sydney Morning Herald. However, for the duration of 2009, Metro saw a loss of €21.7 (US$ 29.8) million after a €4.1 (US$ 5.6) million profit in 2008.

"The group is well placed to take advantage of the recovery in the global advertising market, even if prospects remain uncertain," said Metro Chief Executive Per Mikael Jensen.

PaidContent reported that online income rose by 78 percent but that is wasn't significant enough (only €500,000 or US$686, 000). Online expenditure outgrew sales, with Metro experiencing €357,000 (US$490,000) loss on website costs and €444,000 (US$610,000) on team costs. The group's online losses fell by 14 percent but it still lost €4.67 (US$6.41) million online in 2009.

Metro has 17 million daily readers from across the globe and is expanding in Brazil and Russia, according to PaidContent.org. The group sold its editions in the United States, Portugal and Italy and shut down the Spanish one. It also transferred its headquarters from London to Stockholm.