By: E&P Staff Metro International, the global free paper publisher, said Monday its same-paper sales fell by 8% in the third quarter, and that it does not expect to break even for the full year.
Luxembourg-based Metro ended the quarter with a net profit of $29.5 million because of a gain on the sale of a paper in Sweden. In Q3 2007, Metro recorded a $19 million loss.
Metro's operating loss during the third quarter was $17.8 million, nearly identical to its Q3 2007 operating loss.
Metro President and CEO Per Mikael Jensen said the company does not expect to be profitable for the full year.
"Considering the current uncertainty in the global economy which impacts the outlook for the advertising markets in the fourth quarter, we do not believe that Metro International will be able to break even for 2008," he said in a conference call with analysts and journalists.
Jensen said the U.S. market, where Metro publishes commuter dailies in Boston, New York City, and Philadelphia, are particularly "gloomy." Other poor-performing markets, he said, are Spain, Italy, France and Portugal.
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