TNTÆs operating profit up 11%
Netherlands-based postal and express group TNT N.V., which has recently sold off its logistics and forwarding units, posted an operating profit of 1.28 billion euros ($1.68 billion) in 2006, up 11.1 percent over 1.15 billion euros in 2005.
Annual revenue at the company rose 7.8 percent to 10.06 billion euros ($13.24 billion), from 9.33 billion euros in the previous year.
At the end of 2006, TNT sold its logistics division (now known as CEVA Logistics) to New York-based investment firm Apollo Management for 1.48-billion euros ($1.95 billion). That was followed up by French logistics company Geodis' 460-million-euro ($605.4 million) acquisition of TNT Freight Management, completed earlier this month.
'TNT concludes the first full year of its 'Focus on Networks' strategy with good progress on all fronts,' said Peter Bakker, TNT's chief executive officer.
'Our continuing operations have delivered robust results, with the record operating margin in express and further cost efficiencies in Mail Netherlands, all leading to a double-digit operating income growth.
'The logistics and freight management activities have been successfully divested. We have accelerated revenue growth in several key areas including express emerging markets, with important acquisitions in India, Brazil and soon China, as well as in the U.K. and German Mail businesses.
'I wish to thank everyone in the company for their contribution to making 2006 a very good year for TNT. With the group in good shape, we look forward to the opportunities and challenges of 2007 with enthusiasm,' Bakker said.
TNT’s operating profit up 11%
