TNT Express 1Q Net Profit EUR16 Million, Timetable For UPS Offer Unchanged
May 02 2012 - 2:53AM
Dow Jones News
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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