Bad weather, strikes affect post company TNT
Bad weather in Europe and strikes in the Netherlands will impact Dutch post and courier company TNT's 2010 fourth quarter results to the tune of some 25 million euros, it said on Wednesday.
The operations of TNT's courier branch, called Express, "were negatively impacted by exceptionally adverse weather conditions in December," the company said in a business update, costing it about 15 million euros in earnings.
"In Mail, the estimated impact of strikes and adverse weather conditions ... is around 10 million euros."
Following six days of strikes at the end of last year, TNT and labour unions reached an agreement to reduce from 4,500 to 2,800 the number of forced retrenchments as it cuts 11,000 jobs.
TNT said expectations for its 2010 full-year results, due to be published on February 21, remained unchanged: Express volumes and revenues "well above 2009 levels".
TNT's mail arm, separated from the rest of the company with effect from January 1, has seen a constant decline in volumes as a result of the liberalisation of the Dutch postal market in 2009 and competition from the Internet.
© 2011 AFP