TNT profits increase 3.8% in first quarter
04 May 2005 - 11:24 CET
Highlights:- Mail strong margins and lower declines in direct mail volumes
- EMN growing in line with expectations
- Express continued margin improvements
- Logistics faces difficult environment in France
CEO Peter Bakker:
'In Mail and Express, we made a good start of the year. Mail division recorded a strong operating margin, with the Cost Flexibility program continuingto drive efficiency. For the first time, we gained more addressed volume abroad than we lost in the Netherlands. Express revenues grew double digit and operating income was up almost 50%, reaching another quarterly margin record. The division is firmly on track to reach its ambitious target. In Logistics, Freight Management is fully meeting expectations. However, we continue to face a difficult environment in Contract Logistics, particularly in our French business. We are preparing a turnaround plan for France, which we are planning to show to you at Q2.'
For the complete press release, please see our parent company's web site www.tnt.com/group.
