METRO GROUP (MTAGF.PK,MTTRY.PK) reported that its first-half earnings before taxes decreased to 541 million euros from 734 million euros, previous year. Net profit for the period attributable to shareholders increased to 182 million euros from 20 million euros. Earnings per share was 0.56 euros, compared to 0.06 euros.
EBIT amounted to 861 million euros, compared to 987 million euros, last year. EBIT before special items totalled 1.03 billion euros, compared to 1.29 billion euros. The Group said the decrease was due in particular to significantly reduced real estate transactions, the loss of earnings contributions resulting from the disposal of Real Eastern Europe and negative currency effects.
Sales decreased to 33.05 billion euros from 34.86 billion euros. METRO GROUP increased its sales by 0.3% after adjustment for currency and portfolio effects.
For the financial year 2013/14, METRO GROUP expects to see a slight rise in overall sales in local currency. METRO GROUP said it remains on course to meet its EBIT before special items target of around 1.75 billion euros in the financial year 2013/14, provided that exchange rates remain constant.
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