Q4 2009 turning point for Metro
Notwithstanding lower revenues in Q4 2009, Metro International made a profit of € 5.9 million against a loss of € 9.8 million in Q4 2008. These are the highest profits in a single quarter ever for Metro International.
This suggests a turning point for the company; divesting of loss making operations and cost cuts apparently were successful. Headquarters costs, for instance declined year-on-year by 27 percent.
Results for the full year, however, still shows a operating loss of € 13.4 million (2008: loss of € 19.9 million). Excluding closed and divested operations the operating loss was € 3 million (2008: loss of € 6 million).
For the whole year 2009 operations in Sweden, Denmark, the Netherlands, France, Hong Kong, Chile were profitable. Losses were reported for Hungary and Greece.
The associated companies in South Korea, Brazil, Mexico, the Czech Republic and Canada contributed to Metro’s revenues in a positive way. Online is still a money-losing business.