TNT Express to shed jobs in cost saving programme

Express mail company TNT Express on Tuesday announced job losses and a cost saving programme of €150m to be completed by the end of 2013.


The announcement was made by CFO Bernard Bot following the presentation of the annual report on Tuesday morning, RTLZ reports.
Bot would not say how many jobs would be lost or if there would forced redundancies.
Net loss
TNT Express earlier reported a net loss of €173m in the last quarter of 2011, mainly due to persistent problems in Europe and Latin America.
The company saw stagnant sales for the quarter in Europe and Asia, with revenues in Asia only increasing by 5%.
Total turnover rose 2% to €1.67bn. The adjusted operating profit, excluding one-offs and exchange rate fluctuations, was €57m, a third lower than a year earlier.
The news follows a 50% rise in share value on Monday following an offer of €9 a share from US competitor UBS. TNT Express rejected the offer but is still in talks.

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