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TNT second quarter profit improves while company awaits regulatory approval of UPS takeover
AMSTERDAM (AP) TNT Express NV, the express delivery company that is awaiting approval from European regulators for a takeover by United Parcel Service, reported better second quarter earnings thanks to a significant reduction in losses at its Brazilian operations.
Net profit was 40 million ($49.2 million), up from just 4 million in the same period a year ago, the company said Monday. Sales grew 1.7 percent to 1.83 billion, with volumes up in Europe. However, European profits fell due to business customers opting for cheaper options.
UPS made its 5.2 billion, or 9.50 per share, bid for TNT in March. In July the European Commission said the deal would need closer examination. TNT repeated Monday it expects the deal to close in the fourth quarter. TNT shares closed at 8.812 Friday.