TNT records flat second quarter net income growth
TNT N.V., the Netherlands-based postal, express and logistics group, Friday reported net income of 210 million euros ($257 million), the exact same figure as the second quarter 2004.
Operating income was down 2.8 percent for the second quarter to 342 million euros ($418 million). Revenues improved 10.8 percent to 3.4 billion euros ($4.1 billion).
TNT Express saw its operating income rise 27.7 percent in the second quarter to 129 million euros ($158 million) compared to 101 million euros in the second quarter 2004. Revenues rose 10.8 percent to 1.28 billion euros ($1.56 billion) from 1.15 billion euros.
TNT Express said its major west European business units saw growth of 7 to 13 percent, with its East European units growing even faster at 20 percent. Outside of Europe, China grew 27 percent, the Middle East 24 percent, and South East Asia and the Americas also showed double-digit growth. TNT said the rest of the world average (12.8 percent) was affected by Australia, which saw 2.4 percent organic revenue growth.
Logistics revenues for the second quarter were up 20.1 percent to 1.16 billion euros ($1.42 billion) due to the purchase of Wilson Logistics Group, later renamed TNT Freight Management. TNT said it intends to sell the transportation activities of its French logistics business unit to concentrate on contract logistics.
For the year-to-date, TNT posted a net income of 403 million euros ($493 million), up 1.8 percent from 396 million euros after the first six months last year. Operating income was down 0.3 percent to 646 million euros ($790 million) from 648 million euros. Revenue was up 10.3 percent to 6.7 billion euros ($8.14 billion) from 6 billion euros.