TNT Latvia 2004 sales grow 16pct to Eur 2.2 mln

TNT Latvia courier services company turnover in 2004 increased 16 percent to 1.571 million lats (EUR 2.235 mln) but its profit shrank nearly 2.6 times to 63,000 lats, according to the company’s annual report.

TNT Latvia head Martins Gerkens said that the profit reduction was due to the fact that towards the end of 2004 the company started using own airplane for mail deliveries which involved great costs. In addition, costs had increased also in relation to Latvia’s EU accession and annual investments in development of the company.

Last year TNT Latvia made 82,213 deliveries at a 34 percent rise from 2003, and investments totalled 140,000 euros.

TNT Latvia was founded in 1999 and belongs to the global courier and logistics company TPG N.V.. In 2003 TNT Latvia earned a profit of 163,000 lats on a turnover of 1.359 million lats. In 2004 its parent company TNT N.V. showed a turnover of 12.635 billion euros at a 6.2 percent growth from 2003.

There are several other foreign courier companies like DHL and UPS working in Latvia and some minor players as well.

(EUR 1 = LVL 0.7028)

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