DÜSSELDORF - Metro AG (MEO.XE) Tuesday said its first fiscal quarter profit fell, due to negative currency effects.
The German retailer's net profit fell 10% to EUR404 million ($458 million), from EUR451 million for the same period last year. The drop in earnings was caused by the plunging value of the Russian ruble, the company said. Exchange rate losses for the period amounted to EUR60 million.
"The weak ruble obscures our overall good operating performance," Chief Executive Olaf Koch said in a statement. "Adjusted for negative currency effects, our earnings were actually higher than in the same quarter of the previous year."
The first fiscal quarter, the three months ending December, is typically the company's most profitable quarter in the year, as it includes the holiday season. It accounts for about 30% of the company's full-year sales.
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The German retailer's net profit fell 10% to EUR404 million ($458 million), from EUR451 million for the same period last year. The drop in earnings was caused by the plunging value of the Russian ruble, the company said. Exchange rate losses for the period amounted to EUR60 million.
"The weak ruble obscures our overall good operating performance," Chief Executive Olaf Koch said in a statement. "Adjusted for negative currency effects, our earnings were actually higher than in the same quarter of the previous year."
The first fiscal quarter, the three months ending December, is typically the company's most profitable quarter in the year, as it includes the holiday season. It accounts for about 30% of the company's full-year sales.
Read more at Click here / www.trade4x.net
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