PostNL reverses impairment on TNT stake
AMSTERDAM May 8 (Reuters) - Dutch postal group PostNL , under pressure to improve performance as mail volumes decline, said on Tuesday it has reversed its impairment charge on its TNT Express stake following United Parcel Service's takeover offer.
"As a result of the offer, the share price of TNT Express increased from 5.77 euro as per 30 December 2011 to 9.26 euro per share as per 30 March 2012 resulting in a reversal of the impairment on the stake of 570 million euro" PostNL said in a statement.
In March, TNT Express accepted an offer to be acquired by UPS, the global mail service leader, for 5.2 billion euros.
PostNL on Tuesday reported first-quarter results roughly in line with forecasts, with underlying operating income of 123 million euros, up 2.5 percent from a year ago. Quarterly sales were slight below expectations at 1.061 billion euros, down 4.6 percent.
Analysts in a poll commissioned by Reuters had expected underlying earnings before interest and taxes (EBIT) of 121 million euros on quarterly revenue of 1.106 billion euros.