TNT Express Q1 profit beats forecasts as Brazil cuts losses
AMSTERDAM, April 29 (Reuters) - Dutch delivery group TNT Express, the target of a failed $7 billion takeover by United Parcel Service, reported better-than-expected quarterly profit on Monday and said its troubled Brazilian unit is reducing losses.
First-quarter adjusted earnings before interest and tax (EBIT) from continuing operations fell 16 percent to 38 million euros ($49.5 million), while revenue fell 4.5 percent to 1.67 billion euros.
Analysts in a poll commissioned by Reuters had expected underlying EBIT of 30.9 million euros on revenue of 1.804 billion euros.
"The initiatives to improve our margins, lower our cost base and reduce our exposure to loss-making activities have all been launched," interim Chief Executive Bernard Bot said in a statement.
"We reiterate our view that trading conditions in 2013 will continue to be challenging, especially in Europe."