News / TNT still bullish despite first-half losses, but restructure write-downs begin to bite

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TNT Express this morning announced a first-half loss of €159m, following a 3.8% decline in revenues, year-on-year, including a 3.1% decline in the second quarter, to €1.7 billion. The troubled express operator blamed the fall on “challenging economic conditions”. Following a failed merger with UPS, it was working hard on restructuring, which has led to write-downs of more than €200m.

The company said that its Europe Main division, made up of its core market of Benelux, France, Germany, Italy, Ireland and ...