TNT net profit drops 58% in first quarter

Post and delivery firm TNT booked net profit of €76m in the first three months of this year, a decline of just under 58% on 2008, the company said in a statement.

The company blamed falling volumes for the decline. The post market in the Netherlands has now been fully opened up to competition.
Turnover reached €2.44bn, compared with €2.72bn a year earlier.
The company said it would move ahead with plans to cut costs following postal unions rejection of a pay deal which would have given job security in return for wage cuts.
‘It is a regrettable situation that the union members rejected the collective labour agreement. As we have always said, this leaves TNT no choice but to develop and implement far-reaching restructuring plans,’ CEO Peter Bakker said.
TNT faces competition from new players on the market which pay delivery staff as freelancers, allowing them to slash employment costs.

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