IMPROVING RESULTS FOR TNT

摘要

Netherlands-based TNT Express reported second-quarter net income of €1 million, up from a loss of €303 million in 2Q13. Operating income for the quarter was €8 million, up from a €287 million operating loss in the comparison quarter. The turnaround came despite a 5.9% drop in revenue to €1.66 billion, as cost cuts instituted under the Outlook transformation program took hold. TNT, like most companies, provides adjusted financial data to take into account a variety of one-time gains and losses, and it is the adjusted figures we show in the chart below left. However, we point out that unlike most other companies, TNT goes on to provide adjustments to the adjustments. In the case of revenue and operating income, TNT said the adjusted amounts of €1.70 billion and €82 million are "at constant currency (2013 rates) and exclude the impact of certain one-off charges," but that "rev- enues and operating income include Brazil Domestic revenues previously reported as discontinued," and further, that "comparable numbers still include China Domestic and Fashion. Excluding these, adjusted revenue growth increased by 1.1%".