In its first results following the split from the Dutch post office, TNT Express has produced a robust performance in Europe, but this was offset by growing losses in the Americas.
Operating profit was up 7.4 per cent for the EMEA region at 102m euros on sales growth of 1.2 per cent for the second quarter of its financial year.
However, a 13.4 per cent fall in sales to 116m euros in the Americas resulted in losses rising from 15m euros to 45m euros. The group said the figures reflected the full impact of major customer losses in Brazil. Average consignments per day were down 17.6 per cent on last year.
However, the group had invested 12m euros in restructuring and expected to see a turnaround next year.
Overall group operating profit was down from 23 per cent to 46m euros.
Chief executive Marie-Christine Lombard said: “Europe’s performance was once again solid and is evidence of the strength of our intra-European network, wide product offering and clear customer focus. Demand from Asia to Europe has been volatile and we are optimising our capacity accordingly.
“The turnaround in Brazil is on track and although the short term will be challenging, we confirm our second-half 2012 deadline. Finally, our indirect cost optimisation programme has started, en route to the annualised ~ €50m targeted in 2012. The Express team’s focus is on the successful implementation of the strategy as outlined during our May 2011 Capital Markets Day, which we will revisit at the next CMD in the first quarter of 2012.”