Free newspaper publisher Metro International has posted a 24% decrease in total net revenues for the first quarter, to €55.6 million.
Metro International – which publishes in more than 100 major cities in 18 countries across Europe, Asia, North and South America – also revealed that it has terminated discussions with a potential buyer.
It said that it allowed the potential buyer to perform limited due diligence after receiving an approach on February 23, but that discussions have now been terminated after it was “unable to present a fully financed offer”.
The company’s net loss for the first quarter was €15.3 million, with operating costs down year on year in Q1 by 14% to €40.3 million.
Further cost-savings were implemented in the fourth quarter 2008 and in the first quarter 2009, it said, and will have full effect from the second quarter 2009.
The group also revealed that overall readership increased by 12% year on year.
