Postal firm TNT on Monday announced its 2008 earnings had fallen by 18.6% to €720m. The company said it will make cuts of €400m, higher than earlier stated, but did not give details.

Earnings in the fourth quarter were 60% down due to restructuring charges and the economic crisis which has hit the company’s express delivery arm in particular.
Turnover over the full year rose 4% to almost €11.5bn.
‘The extremely tough trading conditions we saw for our express business in the second half of 2008 are continuing into 2009 so far… 2009 looks set to be a very challenging year,’ said CEO Peter Bakker in a statement.