Metro posts Q4 losses
By Leah McBride Mensching, Friday 8 February 2008 at 23:33 :: Newspaper Data :: #1234 :: rss
Free newspaper group Metro International posted 61 percent fourth quarter losses in operating profits on Friday, blaming its performance on a difficult global newspaper market.
The Sweden-based group also said its poor U.S. results were due to global credit problems. In the United States, newspapers are having trouble as print advertising migrates to the Internet, and problems in the real estate sector have hurt classifieds.
Metro posted a net loss in 2007 of $27.6 million, but saw sales increase by 8.7 percent, to $452.9 million. In the fourth quarter of the year, Metro saw net profits cut in half, despite a sales increase of 12.1 percent, The Local reported.
“While the loss for the full year 2007 is a disappointment, the board, management and employees of Metro International remain committed to reversing losses in markets that are underperforming and to focus investment in areas of strong potential growth, including online,” Metro CEO Per Mikael Jensen said in a statement, according to The Local.
Newspaper Innovation reported Friday that excluding a $10.2 million disputed advertising tax provision in Sweden and a $4.7 million net gain from selling 60 percent of Metro Czech Republic in December, Metro's operating loss in 2007 was $15.2 million.
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