Dutch global forwarder TNT posted a third quarter year-on-year operating profit decline to EUR143 million (US$203 million), compared with EUR179 million in 2009, a loss attributed to pension expenses in its mail division.
    Year on year, its express division experienced an 82 per cent increase in quarterly revenue to EUR1.5 billion. TNT said it expected modest improvement in the European economy as the year continued, but said that as the global economic recovery remained fragile, caution was needed and it would, therefore, continue to focus on costs.
    The company said it expected its express volumes to be well above 2009 levels and its operating margin for the second half of 2010 to be in line with the first.
    Said TNT chief executive: "Business conditions in Q3 have been good but not great - with a continuation of the general recovery of activity levels held back by a difficult pricing environment.
    "In express, volume growth continues to be strong. We continue to focus on the implementation of yield-improvement measures, the full benefits of which will not be felt until next year," London's International Freighting Weekly. "The business continues its focus on containing costs, including investing in own capacity to reduce intercontinental line haul costs on the back of recent contract wins."

Source: Shipping Gazette