TNT reports sharp fall in profit
The Dutch post company says net profit for the first quarter fell 57 percent.28 April 2008
AMSTERDAM - TNT NV, the Dutch post and express mail company, reported a sharp fall in first-quarter profit on Monday, mostly due to the sale of operations in the same period a year ago.
The company said net profit fell 57 percent to EUR 179 million from EUR 427 million, while sales rose 1.8 percent to EUR 2.72 billion.
Last year, TNT booked a EUR 195 million profit after selling its freight management division to Geodis SA of France.
TNT said it also suffered from having significantly fewer working days in the first quarter than a year ago, in part because of an early Easter, which came in March in 2008.
TNT repeated its financial targets for 2008 of double-digit sales growth in its low-margin express division and slight growth in its high-margin mail division.
The company said it is in negotiations with labour unions that have begun striking over a pay increase.
[AP / Expatica]
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