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TNT Post profit falls 12 percent in Q3

TNT Post profit falls 12 percent in Q3 as businesses cut use of express mail

  • On 2:32 am EST, Monday November 2, 2009

AMSTERDAM (AP) -- TNT NV, the Dutch mail and express package delivery company, reported a 12 percent fall in net profit for the third quarter as companies continued to spend less on express mail.

Net profit was euro99 million ($146 million), down from euro113 million in the same period a year ago. Sales fell 8 percent to euro2.48 billion.

Chief Executive Peter Bakker said the rate of decline in business spending slowed in the third quarter, and volumes were up slightly in the first several weeks of the fourth.

But the company said it was still too early to say whether its markets are truly recovering.

Operating profits were down 27 percent to euro63 million at TNT's express delivery arm and less than 1 percent to euro114 million at its regular mail arm, which is dominant in the Netherlands.

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