Meetic, Europe’s leading online dating site, posted a net profit of 3.4 million euros for the first quarter of 2012, compared to a net loss of 3.2 million euros for the same period last year. That’s the silver lining in the company’s latest earnings release, because the other numbers aren’t painting a pretty picture for the company.

In Q1 2012, Meetic lost no less than 13 percent of subscribers, driving revenues for the period down to 41.2 million euros compared to 46.2 million euros in the first quarter of 2011 (a 10.8 percent drop in a year).

The number of Meetic subscribers at the end of March 2012 was 757,332.

The reason why Meetic still managed to turn in a profit is because it significantly lowered its marketing expenses, from 79 percent of revenue in Q1 2011 to 58 percent of revenue (or 23.7 million euros) in the first quarter of this year. On 31st March 2012, Meetic had a net cash position of 36.1 million euros and no debt.

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