Author: Archive

TNT's contingent tax liability reduces significantly

Posted by | Apr 20, 2006 | |

TNT N.V. today announced that as a result of further negotiations with various tax authorities, the estimated realistic range of its contingent tax liability has reduced from between EUR150 million and EUR550 million, as disclosed in TNT’s annual report for 2005, to between EUR100 million and EUR250 million. This range includes potential penalties and interest. Our tax positions have been and are supported by strong specialist external advice. In connection with the further negotiations mentioned above, TNT expects to take an additional tax charge in the second quarter of 2006 that is not expected to be significant to the Group.

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Dutch TNT completes 1.0 bln Euro share buyback

Posted by | Apr 20, 2006 | |

TNT NV has completed its 1.0 bln euro (USD1.234 bln) share buyback programme which it announced on December 6, 2005, the company said on April 20, 2006. TNT bought back 360,297 own shares at an average price of 28.86 euro (USD35.62) per share on April 19, 2006, bringing the total amount spent to 999 mln euro (USD1.232 bln). In the course of the programme TNT repurchased some 36.8 million shares at an average price of 27.18 euro (USD33.55). The company initially expected to buy back 42.6 million shares.

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TNT Logistics signs 3-yr contract with Grundfos worth undisclosed amount

Posted by | Apr 20, 2006 | |

TNT NV said its TNT Logistics division has signed a three-year agreement with Grundfos, a worldwide manufacturer of pumps, worth an undisclosed amount.

Under the terms of the contract, TNT Logistics will develop and implement supply chain solutions for Grundfos.

TNT Express and its TNT Freight Management unit also signed the agreement, because Grundfos recognised the added value of their network capabilities in the supply chain, TNT said.

No financial details were disclosed.

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Poste Italiane net profit at 349 mln Euro 2005

Posted by | Apr 20, 2006 | |

Italian state-owned postal services provider Poste Italiane closed 2005 with a net profit of 349 mln euro (USD431.1 mln), up 19.4 pct year-on-year. Poste Italiane registered a growth for the fourth consecutive year. The group’s revenue increased 13.6 pct year-on-year to over 16 bln euro (USD19.765 bln) in 2005, thanks to the good performance registered in all fields of activity. In particular, the company’s revenue from insurance services increased 31.3 pct year-on-year, revenue from services to families rose 4.5 pct year-on-year and from postal services went up 2.9 pct year-on-year in 2005.

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Global shipments help drive UPS profits

Posted by | Apr 20, 2006 | |

UPS increased net profits by more than 10 per cent in the first quarter, driven by expansion in international shipments. There was also solid growth in the US, following a series of measures last year to make the mature domestic business more efficient and competitive. “This was a quarter of outstanding growth that resulted in strong returns and excellent cash flow,” said Mike Eskew, UPS chief executive. Net profits were USD975m, or 89 cents a share, compared to USD882m, or 78 cents a share, in the same period last year. The earnings exceeded Wall Street’s consensus expectation of 88 cents a share. Revenues grew by 16.5 per cent to USD11.5bn.

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Tough norms for Indian courier companies

Posted by | Apr 20, 2006 | |

With private courier companies eating into the revenues of postal department, the government today sought to give India Posts exclusive rights to carry and deliver letters weighing up to 300 grams. “The monopoly over a specific part of the letter mail of all descriptions up to a specific weight limit is essential as Department of Post is required to fulfil the Universal Service Obligation, which involves postal coverage to financially non viable areas at affordable rates for the common man,” said the department, which has posted the draft Indian Post Office Amendment Bill, 2006 on its website.

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Masterlink is changing into DPD

Posted by | Apr 20, 2006 | |

Polish express firm Masterlink Express is re-branding to DPD, the main brand of its 100% owner, GeoPost. The aim is to benefit from the European recognition of the DPD name in order to expand its international business. Founded in 1991, the parcels transport company was fully acquired by GeoPost, the express division of France’s La Poste group, in 2004. It claims to have a leading position in the Polish value-added services sector and a strong domestic presence. “We want not only to be a leading domestic player on the Polish market but also to take advantage of DPD’s strong brand position in Europe and create an international image of our company. The brand change from Masterlink to DPD will allow us to effectively compete with other logistics firms and increase the company’s share in the international services sector,” explained Rafal Nawloka, general director of Masterlink Express.

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UK Royal Mail pay “final offer”

Posted by | Apr 20, 2006 | |

The Communication Workers Union received an offer last night on the Royal Mail 2006 pay review. This was the first open offer and was also described as the final offer. The offer consisted of a 2.9% increase in basic pensionable pay flowing through to weekday overtime rates only. The increase would not apply to other overtime or to allowances. The offer also includes a form of words that set out parameters for further negotiations. These negotiations cover the bigger issues regarding the future of Royal Mail. The Union’s postal executive is considering this offer today and further information will follow.

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