Metro cuts Q1 loss margin

For the first quarter of 2013, the Metro group reduced its net loss to 16 million euros

(Rs 113.4 crores) compared to 79 million euros (Rs 560 crores) in the first quarter of 2012. This improvement was possible mainly due to a tax income of 109 million euros (Rs 772.8 crores).

Metro is a German cash and carry, hypermarket and electronics retail group. Through Galeria Kaufhof Metro Group operates 137 department stores in Germany. Earnings before interest and taxes amounted to 1 million euros (Rs 7 crore) compared to an operating loss of 8 million euros (Rs 56.7 crores) a year ago. Group sales slipped 0.9 percent to 15.5 billion euros (Rs 10,990 crores). For the nine months ending September. 30, 2013, Metro expects moderate growth in sales and operating profit to fall short. EBIT before special items is expected to increase.