The Week: City news - CBS reveals slide in profits

CBS Outdoor International's fourth-quarter pre-tax profit in 2008 slumped 93 per cent year on year to $3 million, according to the company's latest financial results.

CBS said the decrease partly reflected revenue declines and increased transit costs. CBS Outdoor International's pre-tax profit was down 91 per cent year on year to $6.3 million for 2008.