Pricing pressure, difficult market hits TNT Express
Monday 29 October 2012
Express delivery firm TNT Express made a narrow profit of €9m in the third quarter of 2012, the company said on Monday.
The volume of deliveries rose and turnover was up 2% at over €1.8bn, but pricing pressure continued and difficult market conditions remain challenging, the company said in a statement.
Operating profit rose from €32m to €46m.
TNT had a difficult third quarter. The European Commission has objections to its planned takeover by UPS and chief executive Marie-Christine Lombard stepped down, much to the fury of supervisory board chairman Antony Burgmans.
In the statement, TNT said it remains 'committed to the intended merger and confident that European competition clearance will be achieved, allowing completion of the transaction in early 2013'.