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TNT reduces loss as FedEx purchase progresses

HOOFDDORP, Netherlands: TNT has reported Q3 revenues of €1,67 billion, up 2.3 percent year-on-year, and an operating loss of €27 million, down from -€51 million for the comparable period last year.

Net loss for the period was -€48 million, down 10.9 percent from the Q3 loss in 2014.

TNT handoverThe result follows a joint statement by TNT and FedEx acknowledging that as they have not received a 'Statement of Objections' from the European Commission, the proposed FedEx acquisition of TNT is now expected to conclude in the first half of 2016.

For the first nine months of 2015, TNT revenues were €5.05 billion, a year-on-year increase of 3.3 percent. Adjusted operating income for the first nine months of 2015 was €55 million, down 65.4 percent from the same period last year.

The company said profitability was affected by "transition costs related to the execution of the Outlook strategy, lower volumes from international accounts and pricing pressures".

The net loss increased from -€55 million to -€69 million during the period. Net cash by the end of Q3 was €223 million – down from €414 million in the first nine months of 2014.

Capital expenditure increased to €62 million in the third quarter of 2015 from €41 million last year as TNT opened three new automated sort facilities in Madrid, Swindon and Eindhoven while upgrading existing centers.

TNT CEO Tex Gunning commented: "We continue to support FedEx in obtaining all necessary approvals and expect the transaction to close in the first half of 2016. Revenue growth from SMEs continued in the third quarter. Service performance and customer satisfaction further improved.

"Our investments in IT and productivity are on track. As said, time is needed for these profound transformations to influence the bottom line. 2015 is a transition year for TNT. We expect to see year-on-year margin improvements from 2016 onwards," he added.

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