Metro Q4 2008 and full year results

The economic recession hit Metro International in 2008, the company reported today that net sales decreased in 2008 by 11% to €295.5m (2007: €331.1m).

Although the company reported an operating profit of €17.3m (2007: loss of €15.3m) for 2008 this was mainly the result of the Schibsted transaction in Sweden (€35.2m) and the 24 Timer acquisition (€2.4m) in Denmark. Without these, the operating loss is €20m (2007: loss of €18.6m).

In 2008 Sweden, Northern Europe and the ‘Rest of the World’ segments reported EBIT profits of €14.0m. The US and Southern Europe reported EBIT losses of €14.3m, the US and Spain were responsible for €10.8m of these.

In Q4 there was a net loss of €9.8m (2007: profit of €3.9m).

The shareholders’ authorization will be asked later this month to raise SEK 550m (€52m) through a new issue of Swedish Depository Receipts (SDRs).

One Response to “Metro Q4 2008 and full year results”

  1. Peter Says:

    So Spain Shutters it’s doors and the other large area of loss is the US!!!

    When can we expect the US to shut down opperations as well.

    From the news boxes I see every day, they are already cutting down circulation. Why not just shut the doors already!!!!