Post and delivery company TNT booked an 88% increase in net profit in the first three months of this year, due to a recovery at its express arm, cost cuts and more working days.

Net profit reached €143m, compared with €76m in the year-earlier period. Turnover rose 12% to €2.75bn.
The company said it sees ‘a modest improvement’ in the economy and that express volumes, revenues and results are expected to be ‘well above’ 2009 levels.
‘The profit recovery testifies to the hard work of TNT’s employees around the world,’ said CEO Peter Bakker in a statement. ‘However, as a guide for full year performance, this quarter also needs to be understood as having benefited from extra working days.’
In April, Bakker said TNT is considering either a stock exchange listing or a partnership for its mail unit, which has been hit by falling volumes.