Express delivery firm TNT booked a loss of €303m, compared with profit of €38m in the year-earlier period.
The company was forced to write off €349m, mainly because its southern Europe business lost value due to the poor market situation for package delivery.
Turnover dropped 3% to €1.7bn.
TNT said in a statement it expects the rest of the year to remain difficult, particularly in Europe where prices are under pressure.
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