STOCKHOLM, Sweden, Feb. 13, 2002 (PRIMEZONE) -- Metro International S.A. ("Metro") (Nasdaq:MTROA) (Nasdaq:MTROB), the international newspaper group, today announced that it has ceased publication of its Zurich edition with effect from today.
Pelle Tornberg, President & CEO of Metro International, commented: "We are closing down our Zurich operation because we do not believe that it will reach a satisfactory level of profitability in the target time frame. As a result of this group-wide discipline, we believe that shareholders' funds are better focused on other markets where we are growing strongly, taking market share and moving rapidly towards profitability."
"This action further demonstrates our commitment to the key criteria of profitability, regardless of our strong competitive position in local markets. All of our operations that were launched more than three years ago are profitable, and we remain focused on driving our new ventures, which were launched less than three years ago, towards profitability."
Metro's financial results for the fourth quarter and full year 2001 will be announced next week, on Tuesday 19 February 2002.
Metro is the world's largest free newspaper, publishing and distributing 20 editions in 14 countries in 12 languages: Stockholm (Metro), Prague (Metro), Gothenburg (Metro), Hungary (Metro), the Netherlands (Metro), Helsinki (Metro), Malmo (Metro), Santiago (Publimetro), Philadelphia (Metro), Toronto (Metro Today), Rome (Metro), Buenos Aires (Publimetro), Milan (Metro), Warsaw (Metropol), Athens (Metrorama), Montreal (Metro), Barcelona (Metro Directe), Boston (Metro), Madrid (Metro Directo) and Copenhagen (MetroXpress).
Metro International S.A. 'A' and 'B' shares are listed on the NASDAQ National Market and on the Stockholmsborsen O-List under the symbols MTROA and MTROB.
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