TNT Express moved back into profit in the first quarter with an operating income of 37m euros compared to a loss of 79m euros in the first quarter of last year.
The company, which is in the process of being taken over by UPS, cut its operating losses in the Americas from 152m euros last year to 23m euros and also showed an improvement in the Asia Pacific region.
However, profits fell in Europe with operating income down 34 per cent to 68m euros. The company said this was due to “negative price and product mix developments”.
CEO Marie-Christine Lombard said: “As announced at the beginning of the year, the first quarter of 2012 has been challenging, given the ongoing sluggish business environment. In Europe, cost savings and commercial initiatives are being pursued to mitigate revenue pressure. Profitability in Asia-Pacific improved, despite weak intercontinental demand. Americas also improved, with better results in Brazil.
“In parallel, we are supporting progress towards completion of the proposed offer by UPS. We anticipate discussing the proposed offer with our shareholders during an extraordinary shareholders meeting to be held in third quarter of 2012.”