GERMAN RETAIL GIANT METRO POSTS BIGGER-THAN-EXPECTED LOSS

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BERLIN, May 3, 2012 (AFP) – German retail giant Metro said on Thursday it suffered a net loss in the first quarter despite a slight increase in sales amid a difficult economic climate.

The company posted a net loss of 82 million euros ($108 million) in the first three months, far exceeding the three-million-euro loss seen a year earlier.

The drop was also more than the 54 million euros expected by analysts polled by Dow Jones Newswires.

Looking to 2012 as a whole, the company said in a written statement that it expected sales to increase and that profit would “roughly match the previous year’s result”.

Earnings before interest and taxes fell into the red, dropping nine million euros, compared to having reached 142 millions euros in the same period a year earlier.

The company said its results were hit by extensive investments and expansion costs.

– National News Agency of Nepal (RSS)@2012

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