TNT dips 13.5% in Q3 profit

   TNT Express on Monday said it recorded an operating profit of 32 million euros ($44.6 million) in the third quarter, a 13.5 percent drop from the same period in 2010.
   The company’s revenue, however, rose 1.3 percent, to 1.8 billion euros ($2.5 billion).
   “During the quarter, the performance in our European home market was resilient, benefiting from our broad product portfolio, customer focus and cost control. Our €50m ($69 million) indirect cost savings programme is proceeding to plan, with a significant share of the initiatives now implemented,” Chief Executive Officer Marie-Christine Lombard said in a statement. “Further operational improvements are being identified to secure profitability in an uncertain economic environment, such as reducing network costs and increasing the flexibility of our Asia-Europe capacity. Meanwhile, we are taking all measures to ensure our emerging platforms meet near-term deadlines.”
   Earlier this month, TNT said it expected muted growth for its Europe, Middle East and Africa (EMEA) business and “continuing negative performance” in the Americas. It also said it would seek to build cash flow by tightening capital expenditure and better managing working capital.