PostNL books large Q1 profit fall on UPS merger write-off
PostNL booked a €410m loss in the first quarter due to a large write-off on its interest in courier company TNT Express.
The postal company wrote off a total €440m on its 30% interest in TNT Express following the collapse earlier this year of a takeover deal with American peer UPS following objections from Brussels.
The collapse led TNT’s share price to plunge 50% on the Amsterdam stock exchange. PostNL’s shares were down 34%.
Underlying net profit before write-offs was €32m, down 50% on the year earlier period. Turnover was stable at €1.07bn.
The Dutch postal market continued to shrink in the first quarter and was down 9.5%, the company said in a statement.
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