Metro cuts Q1 loss margin

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

compared to 79 million euros (103.98 million dollars) in the first quarter of 2012. This improvement was possible mainly due to a tax income of 109 million euros(143.36 million dollars).

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 (1.32 million dollars) compared to an operating loss of 8 million euros (10.53 million dollar) a year ago. Group sales slipped 0.9 percent to 15.5 billion euros (20.40 million dollars). 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.