Metro Group has announced that net profit hit €48m for the second quarter of 2009, a major improvement on the loss of €453m recorded during the corresponding period last year.
The profit improvement was achieved despite a fall in group sales through the three-month period ended 30 June, down 3.8 per cent from €15.9bn to €15.3bn this year.
Metro's sales during the quarter were hit in particular by a struggling eastern European market, the group said, while the German and Asian/African markets both experienced slight growth despite the current global economic crisis.
'In view of the massive economic crisis, Metro Group stood its ground well,' said group chief executive officer Eckhard Cordes in a statement.
For the first half of 2009, sales dropped from €31.5bn to €30.5bn, a negative change of 3.2 per cent, with western European sales (excluding Germany) down 1.9 per cent to €9.6bn.
For the half as a whole, German sales increased from €12.3bn to €12.4bn, eastern European sales fell 11.6 per cent to €7.3bn, and Asian/African sales grew 1.2 per cent to hit €1.2bn.
'`The results` attest to the operating strength of Metro Group,' said Mr Cordes. 'We won market share in many countries and are consistently using the opportunities ensuing from the economic crisis. We stay on our expansion course also during the crisis.'
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