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

AMSTERDAM -(Dow Jones)- 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; Subscribe to WSJ:

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