Express mail firm TNT Express on Tuesday reported a net loss of €173m in the last quarter of 2011, mainly due to persistent problems in Europe and Latin America.

The company saw stagnant sales for the quarter in Europe and Asia, with revenues in Asia only increasing by 5%.
Total turnover rose 2% to €1.67bn. The adjusted operating profit, excluding one-offs and exchange rate fluctuations, was €57m, a third lower than a year earlier.
The news follows a 50% rise in share value on Monday following an offer of €9 a share from US competitor UPS. TNT Express rejected the offer but is still in talks.