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TNT Express 1Q Net Profit EUR16 Million, Timetable For UPS Offer Unchanged

Date : 05/02/2012 @ 2:53AM
Source : Dow Jones News
Stock : United Parcel Service (UPS)
Quote : 99.34  0.34 (0.34%) @ 3:49PM
UPS share price Chart

TNT Express 1Q Net Profit EUR16 Million, Timetable For UPS Offer Unchanged

Tnt Express (EU:TNTE)
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Dutch package company TNT Express NV (TNTE.AE) Wednesday said it swung to a first quarter net profit due to lower write-downs and indicated that the timetable for completion of the proposed takeover offer from United Parcel Service Inc. (UPS) remained unchanged.

MAIN FACTS:

- Reported revenues EUR1.819 billion, up 1.3% compared to EUR1.796 billion a year ago

- Net profit for the first quarter was EUR16 million, compared to a EUR106 million net loss in the first quarter of 2011

- Operating income for the first quarter rose to EUR37 million, from an operating loss of EUR79 million a year ago

- Depreciation, amortisation and impairments decreased to EUR48 million, from EUR175 million

- Timetable for completion of proposed UPS offer proceeding as previously indicated

- Indirect cost savings programme launched in May 2011 on track

- Timing of implementation of certain long-term projects that are part of 2012-2013 fixed-cost savings programme temporarily adjusted in light of the proposed UPS offer

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



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