International News - Profits increase secures Metro chiefs' contracts

German retail giant Metro managed a sales and profits leap for the last fiscal year.

Metro used the figures to validate the renewal of contracts for chief executive Dr Hans-Joachim Korber and management board member Zygmunt Mierdorf for the next five years.

Profits rose by 11.8 per cent during the period to EUR502 million (£341.4 million), meeting the company's forecast for growth.

Sales grew in almost all of the group's divisions. Most notably, there was a 15 per cent increase at the company's Media Markt/Saturn consumer electronics division.

Together with grocer Metro Cash and Carry, this division accounted for about two-thirds of the group's sales.

Sales for the company's home improvement chain, Praktiker were less impressive, only rising 1.6 per cent.