Metro 2009 Q2 result

The second quarter was – again – not very good for the world’s largest publisher of free newspapers. With the recession still hurting sales, the small operating profit in Q2 2008 changed to a loss in Q2 2009 (adjusted €1.2m, net €3m). The net loss was €3.7m.

Net revenues (adjusted for currency movements, closed and divested operations and revenues lost due to the Easter Holidays) declined by 12 percent. Net revenues decreased by 26 percent to €61m.

The net loss for the first 6 months was €18.9m, sales decreased with 25% compared to 2008.

Good news is the decline in costs by 11%, the sale of the loss-making US-operations, the divestment in Portugal and the acquisition of the majority in the Moscow Metro.

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