Metro International predicts losses

Metro International, the international free daily newspaper group, does not expect to break even this year given the “uncertainty” in the global economy.

The news comes as the group reports a 14% drop in third quarter total net sales to €57 million (£44 million). Per Mikel Jensen, president and chief executive, says conditions for advertising in Europe and North America are “gloomy”.

He adds: “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.”

Metro registered net profit of €22.2 million (£17 million) in the quarter compared with a net loss of €14.3 million (£10.8 million) last year following the €35.8 million (£27.6 million) sale of Metro Sweden.

The group says year on year daily readership increased by 8 per cent to 17.7 million.

Jensen adds that US, Spain, Italy, France and Portugal as markets particularly suffering from declining advertising prices adding that remedies to improve results were being worked on.

Latest from Marketing Week

PLEASE SIGN IN OR REGISTER. IT'S FREE, QUICK AND EASY!

Access Marketing Week’s wealth of insight, analysis and inspiration that will help you develop as a marketer and leader.

Register and receive the best content from the only title 100% dedicated to serving marketers' needs.

We’ll ask you just a few questions about what you do and where you work, so we can make Marketing Week more relevant to you.

Register now

THE BEST CONTENT

Our award winning editorial team and columnists will ask the biggest questions about the biggest issues on everything from strategy through to execution to help you navigate the fast moving modern marketing landscape.

THE BIGGEST ISSUES

From the opportunities and challenges of emerging technology to the need for greater effectiveness, from the challenge of measurement to building a marketing team fit for the future, we will be your guide.

PERSONAL AND PROFESSIONAL DEVELOPMENT

Information, inspiration and advice from the marketing world and beyond that will help you develop as a marketer and as a leader.

Dedicated to developing your skills and helping you achieve marketing excellence. Find guidance on leadership, professional development and the latest industry jobs.

Having problems?

Contact us on +44 (0)20 7292 3711 or email subscriptions@marketingweek.com

If you are looking for our Jobs site, please click here