TPG 1ST-QUARTER NET INCOME UP 11.7%

TPG 1ST-QUARTER NET INCOME UP 11.7%    TPG N.V., the global provider of mail and express and logistics services, reported a first-quarter net income of euro 143 million ($123 million).
   The company's year-earlier net income was euro 196 million. However, TPG said the most recent first quarter would show an 11.7-percent improvement over the earlier quarter's adjusted net income of euro 128 million, which included adjustments of euro 28 million for sale of non-core business and euro 50 million.
   Operating income for the first quarter of 2002 was euro 255 million ($228 million), on revenue of euro 2.90 billion ($2.59 billion).
   Express revenues increased 4.9 percent to euro 1.08 billion ($960 million) and operating margin improved to 3.9 percent, from 3.3 percent.
   Logistics revenue rose 13.3 percent, while the operating margin remained stable at 4.7 percent. Contracts with an annualized revenue of euro 179 million were won in the first quarter, including renewed business. That compares to contracts wins of euro 103 million in the fourth quarter of 2001.
   TPG's board of management reiterated its previous projections that TPG's net income from continuing operations to grow 5 to 10 percent for 2002.
   TPG, with its two brands TNT, CTI Logistx and PTT Post — which will be rebranded Royal TPG Post in May — employs approximately 139,000 people in 58 countries, while serving more than 200 countries.