Feb. 2 (Bloomberg) -- Metro International SA, the publisher of newspapers in 22 countries, rose the most in 16 months in Stockholm after its fourth-quarter net income doubled and the company said it is on target to reach its margin goal.
The share rose as much as 17 percent, the biggest gain since Oct. 7, 2010. It traded 6.8 percent, or 0.04 krona, higher at 0.63 krona as of 9:56 a.m. Metro’s share lost half of its value last year.
Net income from continuing operations increased to 11.4 million euros ($15 million) from 5.67 million euros as the company added three Latin American countries and the global number of daily readers increased by 5 percent year-on-year to 17.6 million, according to a statement today. Luxembourg-based Metro said it is “well on track” to reach the target of a “double-digit” margin in 2012 that the company announced in May 2008.
“We need to further improve our results to achieve the double digit group margin target,” Chief Executive officer Per Mikael Jensen said. “Taking into account the cumulative effect of the improvements we have made over the last few years, I am reasonably confident that we will be able to deliver.”
--Editors: Kim McLaughlin, Toby Alder
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