TNT NV, the Dutch mail and express delivery company, said net profit rose sharply in the first quarter mostly because business customers were spending more on express delivery.
Net profit was 143 million euros (US$189 million), from 76 million euros in the first quarter of last year. Revenues rose 12 percent to 2.75 billion euros.
TNT said the profit rise was also due to cost cutting and because the quarter had four extra working days compared with a year earlier.
It noted that although the volcanic eruption in Iceland shut down European airspace for several days, the impact on TNT was slight.
“In recent weeks, express volumes have almost returned to levels seen in the more normal trading period of Q1 2007, though some customer feedback indicates that this is partially driven by restocking of supply chains,” chief executive Peter Bakker said in a statement.
He said that trend appeared set to continue, but “because cost increases inevitably follow improving volumes, cost control will remain in sharp focus.”
Operating profit at the company’s express arm rose to 77 million euros from 20 million euros.
Regular mail volumes fell by 9.7 percent, continuing a long slide at the operations of the former state monopolist. TNT is in the process of separating its mail business for a spin-off or sale.
Operating profit at the mail arm rose 20 percent to 178 million euros, which TNT said was because of a mix of lower pension costs and lower-than-expected restructuring costs, as well as the four extra working days.
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