TNT reports ‘subdued European performance’

   TNT Express said it had a profit of 18 million euros ($23.6 million) in the first quarter ending March 31, compared to a loss of 106 million euros in the same 2011 period.
   Revenue in the first quarter 2012 was 1.819 billion euros, compared to 1.796 billion euros in the first quarter of 2011.
   The company said it “experienced mixed economic conditions in Europe and slowing Asia-Europe trading volumes.”
   TNT said business in Europe, the Middle East and Africa was affected by negative price and product mix developments. Results in Asia-Pacific, while under pressure because of weakness out of Asia, benefited from the strong performance of the company’s Australian operations and cost reductions. It said its China domestic operation performed according to plan and the Americas saw improved performance from Brazil.
   TNT said the timetable for completion of the firm’s acquisition by UPS is proceeding as previously indicated.