TNT’s latest financial results
TNT has announced a huge drop in profit for both Q4 2009 and the last financial year as a whole. Read the full results inside. The company reported a 58% drop in year-on-year profit for Q4 2009 and an overall drop in group profit of 50% for the last financial year. It made €25m profit in Q4, compared to €59m for the same period of 2008. Yearly profit fell from €556 to €281m, despite cost savings of €527m.
Peter Bakker, CEO of TNT, said: “Operating results in Q4 2009 were relatively solid in a trading environment that continued to improve, leading for the first time since Q2 of 2008 to a higher group operating income than the same quarter last year. However, this trading environment is still clearly below 2006 economic activity levels.”
A TNT spokesman said that the company “sees early signs of a somewhat improving trend in the economy, but remains cautious on a continuation of the economic recovery. Express volumes, revenues and results are expected to be above 2009 levels. Mail volumes and results are expected to be below 2009 levels. A continuous focus on cost and cash remains essential.”
To read the financial results in full, click here.
What do you think of the results? Were they expected? Is TNT in trouble? Please comment below…
