Metro Posts Decline In Q1 Profit

(OTC:

) reported a drop in its first fiscal quarter profit, due to a weak rouble. Metro's quarterly net profit slipped to EUR404 million ($458 million), versus a year-ago profit of EUR451 million. The latest quarter earnings included exchange rate losses of EUR60 million. Metro's core earnings before interest and tax dropped to 1.024 billion euros ($1.2 billion), versus 1.073 billion in the year-earlier period, in line with analysts' estimates. Core profit before special items at its cash-and-carry business dropped 11% to 481 million, while core earnings at Media-Saturn consumer electronics business climbed 21% to 349 million. Revenue in its Eastern Europe region declined 12%, while Western European revenue gained 1.1%. Earlier this month, Metro reported a 2.2% decline in its sales for the first quarter.