TNT, the Dutch post and express mail company, reported a 57 percent fall in first-quarter net profit to US$279.55 million in the first quarter compared with $666.86 million a year.
The 2007 result included the sale of its freight management division to Geodis of France for a $304.54 million profit.
TNT sales in the first quarter of 2007 were up 1.8 percent to $4.24 billion.
TNT said it also suffered from having significantly fewer working days in the first quarter than a year ago, in part because of an early Easter, which came in March this year.
TNT took an impairment of $10.9 million in the first-quarter in its mail division due to the restructuring of post offices in The Netherlands. Furthermore, net positive gains in the first quarter of 2007 were $18.74 million, higher than the first quarter of 2008.
|
