TPG first quarter profits surge on strong Mail and Express performances Logistics turns the corner

Highlights

Earnings from operations up by almost 12%
Improved operating margins in Mail and Express
Logistics ahead of previous year
Net income up 16%
Lower financing cost and effective tax rate
Strong free cash flow
Confident outlook for 2004
P:LibraryTPGpressrelease_tpg_first_quarter_results_2004.pdf

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