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TNT’s operating profits plummet in the run-up to the FedEx deal
TNT Express has reported a significant 71% drop in its adjusted operating profits for the third quarter. The amount, which excludes any exceptional or one-off profits, has fallen from €46 million last year to €13 million this year.
TNT is still in the middle of adding to and expanding its facilities and is expecting a restructuring cost of about €10 million to be recorded in the fourth quarter of this year. The company also cites the pressures of competition in Australian markets and a relatively weak performance in France.
This follows last week’s news that European regulatory bodies have approved FedEx’s acquisition of TNT for $5 billion (USD).
(Source: Wall Street Journal)