AMSTERDAM, April 29 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
Analysts in a poll commissioned by Reuters had expected
underlying EBIT of 30.9 million euros on revenue of 1.804
"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
"We reiterate our view that trading conditions in 2013 will
continue to be challenging, especially in Europe."