Postal group TNT said on Monday there are signs of a cautious recovery, as it announced a 57.6% decline in net profit over the final quarter of last year.

‘The first weeks of 2010 make me somewhat optimistic on improving economic conditions, however, we will continue to manage our group from cautious assumptions, leading to continued strong focus on cash and cost,’ CEO Piet Bakker said in a statement.
Net profit was down at €23m in the final quarter on turnover up 0.5% at €2.95bn. Earnings were depressed by write-offs totalling €191m.
Over 2009 as a whole, net profit was down from €556m to €281m on turnover down 6.7% at €10.4bn.
Delivery
The volume of mail delivered by TNT last year fell 4.7%, as expected. TNT faces increasing competition from new players. The complete Dutch delivery market was fully opened to competition last year.
The group reached a preliminary agreement with unions on a new pay deal at the end of January which will include thousands of job losses. According to the Telegraaf, Bakker told CNBC tv on Monday he expected between 6,500 and 11,000 jobs to go.
Union members earlier rejected wage cuts in return for job security.