Dutch parcel delivery giant TNT Express has posted a 2013 operating profit of EUR88 million (US$120 million) from a EUR52 million loss a year ago, drawn on revenues of EUR1.704 billion, down 4.6 per cent.
TNT Express has laid off 4,000 workers and will rid itself of hundreds more worldwide as it copes as a standalone company after the EUR$5.2 billion UPS takeover bid was stymied by EU regulators last year.
The effect of the cost savings programme was "definitely there and it will continue to be there in 2014 and 2015," said chief financial officer Bernard Bot.
The company seeks to achieve savings of EUR240 million by 2015 through cost cutting, Reuters reported. By the end of last year it was EUR20 million ahead of schedule, said Mr Bot.
TNT said it was still addressing problems in Italy, where it is shifting to more profitable business yet still suffered a volume decline.
In Brazil, where it has written off about EUR200 million in book value bringing its operation down to EUR39 million, TNT Express failed to find a suitable buyer and is now determined to turn the business around, according to Shipping Gazette.
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