TNT Express 2Q Net Profit Up, But Trading Conditions Worsen

Date : 07/30/2012 @ 2:49AM
Source : Dow Jones News
Stock : United Parcel Service, Inc. (UPS)
Quote : 113.22  0.0 (0.00%) @ 4:02AM

TNT Express 2Q Net Profit Up, But Trading Conditions Worsen

Tnt Express (EU:TNTE)
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Dutch package shipper TNT Express NV (TNTE.AE) Monday reported a jump in second quarter net profit helped by a better performance of its businesses outside of Europe, but added that trading conditions in Europe and Asia Pacific intercontinental were becoming increasingly challenging.

MAIN FACTS:

- Revenue for the second quarter increased 1.7% to EUR1.83 billion from EUR1.80 billion in the second quarter of 2011

- Operating income for the second quarter increased 67.4% to EUR77 million, from EUR46 million

- Operating income adjusted for currency effects and one-offs dropped 6.8% to EUR69 million, compared to EUR74 million

- Net profit came in at EUR40 million in the second quarter of 2012, compared to EUR4 a year earlier

- TNT expects EUR50 million in indirect cost savings to be fully implemented by year end

- UPS Offer of EUR9.50 per share is expected to be completed in the fourth quarter, following a further European Commission review

- Despite demanding economic conditions in Europe & MEA, volume growth was good, but customers increasingly opted for non-premium products.

- The resulting negative product mix plus general price pressure were mitigated by cost-control initiatives.

- In Asia Pacific, operating income improved even though international volumes declined. All units performed better, in particular Australia, China Domestic (Hoau) and India.

- Americas saw an improved performance from Brazil, though challenges remain

- By Amsterdam Bureau, Dow Jones Newswires; amsterdam@dowjones.com

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