The worlds largest publisher of free daily newspapers won a distribution tender in Hong Kong's subway system which will help them on the way to an operating profit in 2010
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Metro International say they are likely to report an operating profit this year, partly due to winning a distribution tender in Hong Kong's subway system.
The worlds largest publisher of free daily newspapers reported a second-quarter net profit of 476,000 euros, compared to a recorded loss of 3.7 million euros for the same period in 2009.
It was during this second quarter that Metro secured a contract to distribute in Hong Kong, as well as selling off its Greek operations to a local media company in June.
Per Mikael Jensen, president and CEO of Metro International said in a release that this has helped the company invest elsewhere.
"Divestment of major loss- making operations and improved results, has freed up resources to invest in markets with greater potential," he said in the release. "One such market is Mexico, where we increased our equity interest in July.
"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," he added.
Metro International recorded an overall net loss of 21million euros in 2009, with an operating loss of 20m if one-off gains are taken out of the equation.
