TNT NV delivers hefty drop in profit
Source: Agencies |
February 23, 2010, Tuesday
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Print Edition
Print Edition
TNT NV, the Netherlands-based post and express mail company, yesterday reported a 58 percent fall in net profit due to flat sales and a major writedown in the value of its regular mail arm.
Net profit was 25 million euros (US$34 million), down from 61 million euros in the same period a year earlier. Sales fell 0.5 percent to 2.95 billion euros.
The company wrote 146 million euros off the value of its mail operations after a major review.
Chief Executive Peter Bakker said the first weeks of 2010 make him "somewhat optimistic on improving economic conditions," however the company will continue to cut costs and preserve cash.
TNT's Dutch postal workers have voted to accept 3,500 layoffs in order that the rest can get small raises this year and next year. The company employs 23,000 people.
TNT forecasts express mail volumes and earnings will grow this year while regular mail volumes will drop.
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