Metro on track towards profitability

With profits again for Q2 2010 and without the burden of another loss-making edition (Greece), Metro seems to be heading to profitability in 2010, provided the second half of the year will not bring any unpleasant surprises. Earlier Metro divested the Italian and Portuguese editions.

The results for Q2 2010 showed a small net profit (€476,000) compared to a loss in Q2 2009. For first six months of 2010 Metro still showed a loss (€5.3m). This loss, however, was much lower than in 2009.

Results for Sweden (€3.3m EBIT profit in Q2) and Hong Kong were very good, while also Brazil and Mexico performed very well. Also Denmark, the Netherlands, Russia, Hungary and Chile showed a profit. The French edition reported a loss in Q2 2010.

Per Mikael Jensen, President and CEO:

Metro is on good track to full year EBIT profits. A more positive outlook in advertising markets allows us to re-confirm this message with greater confidence. Q3 is traditionally the weakest quarter for Metro, whereas Q4 is the strongest. The 2010 results will therefore to a great extent be determined in Q4.

In terms of readership, Russia, Canada, Hungary, the Czech Republic and particularly Brazil (+95%) performed positively. In most cases circulation was also higher in these markets.

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