Metro International has announced that its operating profit fell from €3.6 million (£2.9 million) to €0.6 million (£0.49 million) in the second quarter.
The company, which publishes freesheets across the world (although not the British
Metro titles which are published by Associated Newspapers), also reported an overall net loss of was €1.9 million (£1.5m)
Sales were down in the second quarter by 4.1%, from €80.6 million (£64.1 million) to €77.3 million (£61.4 million).
Per Mikael Jensen, chief executive officer and president of Metro International, said: “Conditions for advertising in Europe and North America are gloomy, regardless of the category. Markets for advertising in paid-for titles have been hit badly in some countries – particularly US, UK and Southern Europe – and less so in other markets in Northern Europe.
“In South America, Asia and Russia, the outlook is much brighter. Spending is expected to grow significantly in the market where Metro is published, in some areas with double digits. This is partly due to the better general economic situation, but also due to an increase in media spending.
“With this mixed outlook Metro is obviously most vulnerable in the US, Canada and Europe. Hence, the defined strategy to grow in Asia, South America and Russia becomes even more relevant.”
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