Swedish media company Metro International has reported a second-quarter net profit of €476,000 (£398,000), driven by strong performances in Sweden and Hong Kong.
The company - which publishes the Metro newspapers in more than 100 major cities in 19 countries across Europe, North and South America, and Asia - reported that net revenues fell by 6 per cent year-on-year to €57.3m (£47.9m) during the quarter.
However, it reported a net loss of €5.3m (£4.4m) during the first half of 2010.
The newspaper group, whose free newspaper model relies solely on advertising, has been forced to cut costs during the global downturn. It also closed its Spain operations last year, because of the declining advertising market.
The group has won a contract to distribute the newspaper in the public transportation system in Hong Kong. It has also decided to divest its Greek operations during the quarter, and is confident of reporting an operating profit for this year.