Metro Int reviews operations as losses double

by Daniel Farey-Jones, Brand Republic 12-Oct-07, 10:50

LONDON - Metro International has warned its third quarter losses will be $18m, double last year's deficit, and is reviewing its operations around the world.

Dennis Malamatinas, chairman of the board, said: "The results for the third quarter are disappointing, and the current strategic review initiated by the board is necessary to improve the financial performance of the company.

"We are launching actions based on our findings and conclusions and this work will intensify over the coming period."

Metro International will publish its third quarter figures on October 22, which it expects to show a $13m loss from operations and a $5m non-recurring charge relating to the departure of former CEO Pelle Tornberg and consultancy costs.

In July the company brought back former editor-in-chief Per Mikael Jensen as chief executive. Until he returns in November Chris Spalding, the chief operating officer, is acting CEO.

Metro International publishes its free newspapers in more than 100 cities across Europe, America and Asia, including Paris, Amsterdam, New York and Hong Kong.