TNT reports strong profit growth of 11pc to US$275.8 million

TNT EXPRESS has reported strong volume and revenue growth in the third quarter that pushed up group earnings before depreciation and amortisation (EBITDA) by 11.1 per cent to EUR190 million (US$275.8 million). Express operating income increased from EUR128 million to EUR134 million.

"The development of our results is satisfactory, certainly compared to the very strong Q3 of last year. Both express and mail revenues showed good organic growth and we continued to invest in emerging businesses," said TNT chief executive Peter Bakker.

"In the Netherlands, we are continuing discussions with trade unions on the new master plan. The Mobility Agreement, which will be part of the overall collective labour agreement, has now been agreed between the unions and ourselves," he said.

Group revenues increased 10.5 per cent in the third quarter to EUR2.6 billion. Operating income of EUR258 million was in line with the third quarter of 2006, despite incremental start-up investments of EUR12 million in high growth areas, said a company statement.