Dutch TNT issues profit warning for express division

TNT NV, the Dutch mail company, has warned that profits at the express division it hopes to spin off in May are suffering because of natural disasters, high oil prices, and integration troubles in Brazil, reported the Associated Press Newswires.

The division's operating earnings were US$36 million lower in the first four weeks of 2011 than the same period a year ago, TNT said, without giving a comparable figure. The division had operating profit of $136.75 million in the fourth quarter of 2010.

TNT is in the process of cutting around a third of its 38,000 mail jobs in the face of declining volumes.
(Source:http://www.cargonewsasia.com)