AMSTERDAM: TNT NV, the Dutch mail and global express company, has reported a 14 percent fall in first quarter profits due to high fuel costs and problems at both its major divisions. Net profit was ¤123 million ($182 million), compared with ¤143 million in the same period a year earlier. However, revenues rose 4.3 percent to ¤1.11 billion on the back of growth at its loss-making international mail delivery arm, which competes in Germany and more recently in Italy. The overall increase masked continued declines at the core Dutch mail arm, which witnessed another 8.6 percent fall during the first three months. Because the domestic business is suffering under competition from the likes of Deutsche Post, TNT is to cut around 11,000 jobs, or a third of its mail service employees.
