TNT NV, the mail business that will be renamed Post NL, had revenue of 1.1 billion euros ($1.65 billion) in the first quarter, 4.3 percent more than in same 2010 period.
The express business had revenue of 1.8 billion euros ($2.66 billion), 6.6 percent more than in 2010.
The company said for the rest of the year it expects its express business to see modest growth in revenue in Europe, the Middle East and Africa.
It said its Asia-Pacific express business is expected “partially to recover on the back of now-improving intercontinental volumes” after lower than expected China/Europe air volumes in January and February.
TNT said it is tackling “continuing negative performance” in its Americas express business, saying Brazil suffered from “unexpected and recent volume losses and performance pressure.
“A new, experienced leadership team is in place since March and taking immediate action to ensure full control, customer stabilization and service quality. The business has been set a deadline for realizing a turnaround by no later than the second half of 2012.” the company said.
