TPG EXTENDS PROFIT, ENTERS INTO CHINA POST PARTNERSHIP

TPG EXTENDS PROFIT, ENTERS INTO CHINA POST PARTNERSHIP    TPG, the holding company of Royal TPG Post and TNT reported a 2.8-percent increase in the first-quarter net income to 147 million euro ($162.3 million), excluding the after-tax impact of higher pension costs.
   Operating profit for TPG was 254 million euros ($280.4 million), compared to 255 million euros a year ago. Group revenues increased year-on-year by 0.7 percent, to 2.92 billion euros ($3.22 billion).
   “Logistics suffered from low volumes and performance issues which have resulted in a further decline in margins in the quarter. In addition, the performances of some operations in European countries, which have grown rapidly through acquisition, are significantly below group standard,” TPG said in a statement.
   TPG on Monday announced a strategic partnership with China Post, the national postal service of China.
   The two companies have signed a memorandum of understanding to explore potential areas of mutual benefit in mail, express deliveries and logistics. They first partnered in an express business in China in 2000.
   TPG Post is a mail provider for the Netherlands. TNT provides delivery and logistics services.