TNT hurt by 146m-euro writedown

[Union Man]

BBC Buisiness news. TNT the wonder firm according to that charlatan Mandelsson is in big trouble Perhaps RM could buy them out!!!!!!!

http://news.bbc.co.uk/1/hi/business/8527857.stm" onclick="window.open(this.href);return false;

Europe's second-biggest mail delivery firm TNT has reported a 58% drop in profit after writing down the value of its regular mail arm.
Net profit fell to 25m euros (£22m) in the fourth quarter of 2009, from 59m euros a year earlier. Sales fell 0.5% to 2.95m euros.
TNT wrote 146m euros off the value of its mail operations after a review.
However, its express business performed better in the last three months of 2009 than in the same period in 2008.
Operating income in the division rose to 81m euros - more than four times more than the 18m euros it made a year ago.
Like larger rival Deutsche Post, TNT has struggled to cope with falling consumer demand, but has begun to focus on its restructuring efforts.
"The first weeks of 2010 make me somewhat optimistic on improving economic conditions," chief executive Peter Bakker said.
"However, we will continue to manage our group from cautious assumptions, leading to continued strong focus on cash and cost."

[fishtank]

On 28 January 2010, the German Federal Administrative Court in Leipzig court ruled that the postal
minimum wage of € 9.80 is contrary to prevailing constitutional law and therefore is not binding on TNT
Post in Germany. This ruling confirmed the decision of the Higher Administrative court of Berlin-
Brandenburg on 18 December 2008 and the Berlin Administrative Court on 7 March 2008.


On 29 January 2010, TNT and the trade unions ABVAKABO FNV, BVPP and CNV Publieke Zaak
reached an in-principle collective labour agreement (CLA). The agreement, if approved by the union
members, will provide a strong basis for realising the 16% Cash EBITDA/Revenue objective for Mail NL
(in Vision 2015).

It's ok the already have a plan in place to turn the company around.

[stokes11eg]

Yes--seen this on telly yesterday.Too many fingers in the same pie, and they cannot all make vast profits.

[Lounge Lizard]

Perhaps all it needs is for Royal Mail to increase its DSA prices to a realistic level and that might be the end of TNT

[portadown]

all they need is crozier

[Lounge Lizard]

all they need is crozier

but could they afford to pay him ?
( and could Royal Mail ? )