The shrinking postal market, a difficult reorganisation and the falling stock market price of TNT Express, helped push PostNL into the red in the third quarter of this year.
PostNL booked an operating loss of €128m, following one-off costs of €188m. These stem from its stake in former sister company TNT Express and the cost of the revamp, which has now been put on hold.
The Dutch postal market shrank 10% in the quarter, compared with the year-earlier period. But volume growth outside the Netherlands and improvements in package delivery income boosted underlying sales 1.2% to just over €1bn.
PostNL said in a statement it expects the domestic market to shrink a further 8% to 10% this year.