Dutch post and delivery group TNT said on Monday operating profit had fallen 2.1% in the second quarter to €330m. Turnover was in line with analysts estimates of around €2.7bn, while net profit was higher at €244m.

CEO Peter Bakker said he was ‘generally pleased’ with the figures.
TNT is in the process of a large-scale reorganisation of its Dutch operations, in which thousands of jobs are set to go. The company faces growing competition from new players on the market who use cut-price delivery staff.