TNT invests EUR 4 million in Hungary in two years
Forwarding company TNT Hungary is to spend EUR 4m (HUF 978m) on capital expenditures in 2002 and 2003, senior executive at TNT responsible for international trade James McCormac said at the opening of TNT Express Worldwide’s new central office and warehouse near Ferihegy Airport on Thursday.
TNT Express Worldwide Hungary spent HUF 890m on developments in 2002, of which HUF 600m went toward building the new warehouse. The firm also spent HUF 210m on its IT system and HUF 80m to expand its fleet of vehicles.
The new four-storey office building was built on 2,500 sqm, and the warehouse on 1,300 sqm.
The firm plans to spend HUF 520m in 2003, including HUF 290m on a new gateway for Ferihegy airport, HUF 120m on IT developments, and the remainder on other projects, CEO Marton Jarosi said.
The Central and Eastern European region could play a key role in TNT’s development, Mr McCormac said. Strong growth is expected in the region after EU enlargement and TNT plans to build twelve new gateways in the next three years.
TNT Hungary increased its revenue by 25.9pc from HUF 4.4bn in 2001 to HUF 5.59bn in 2002, which puts it in the lead of the HUF 12bn express courier services market in Hungary, with a 40-45pc share. The firm’s 25.9pc sales growth rate is outstanding compared to growth of only 7pc the year before, Mr Jarosi said. He attributed the robust figures to SME growth (SMEs account for much of the firm’s revenue) and the low base in 2001.
The TNT group was market leader in Europe in express courier services last year with a profit of EUR 253m on revenue of EUR 4.39bn. (HUF 100 = EUR 0.4095)
Copyright 2003 Hungarian News Agency Corporation. Source: Financial Times Information Limited.
