TNT books lower earnings in Q1

Postal delivery company TNT said on Monday it booked net profit of €179m in the first three months of 2008, compared with €427m in the 2007 first quarter.

2007’s figure was boosted by a number of one-offs, including €200m on the sale of its freight division.
TNT blames the decline on the early Easter this year, which reduced working days, and a number of reorganisation charges.
Sales were up from €2.68bn in 2007 to €2.72bn.
The company is currently embroiled in a pay dispute.

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