TNT Express Posts Q3 Net Loss On French Charge

TNT Express NV

swung to a loss in the third quarter. TNT Express posted a quarterly net loss of EUR55 million ($69.7 million), versus a year-ag net profit of EUR6 million. The drop was mostly due to a EUR50 million provision for a French antitrust case. The company posted an operating loss of 47 million euro ($59.68 million), impacted by restructuring provisions and provision of 50 million euro for French competition case. The company's adjusted profit came in at 50 million euros. Its revenue slipped 2% to EUR1.65 billion compared to EUR1.68 billion. Adjusted revenue in Europe Main dropped 0.8% in the quarter, while adjusted revenue in Europe Other & Americas climbed 5.6%. Pacific adjusted revenue gained 2%, while adjusted revenue in Asia, Middle East & Africa declined 16.3%. Adjusted revenue in Brazil Domestic jumped 12.3% in the quarter. Tex Gunning, CEO said, ‘In our recent trading statement, we highlighted the challenging trading conditions in Europe. Visibility on these trading conditions remains limited. Despite this, this quarter saw another improvement in our adjusted operating income, with every segment making a positive contribution apart from Europe Other & Americas where performance was broadly flat. Supporting this was the progress made in rolling out Outlook, including ongoing Deliver!-related cost savings, which were €28m during the quarter.” TNT Express shares fell 0.16% to close at $6.06 on Friday.