Post and packaging company TNT booked net profit of €99m in the third quarter of 2009, down 12.4% on a year ago.

It is the fifth quarterly earnings decline in a row for TNT, but above analysts forecasts.
Turnover was down 7.6% at €2.48bn.
‘TNT is optimally positioned to take advantage of a possible economic upturn but also needs to be prepared for continued harsh economic conditions and therefore remains focused on achieving its aggressive cost and cash control targets,’ CEO Pete Bakker said in a statement.