Just over a month ahead of the meeting at which its share holders will vote on the separation of TNT Express as an independently-listed company, parent TNT NV issued the results of "a full review of its business," including a first-quarter profit warning. Regarding the Express business, TNT said "Year-to-date trading conditions have been much more volatile than had been previously assumed. Volatility has been caused by a sharp increase in the oil price, social and political unrest and natural disasters. This was exacerbated by unforeseen effects from the integration issues in Brazil." TNT said that total underlying operating income for the first 12 weeks was about €25 million lower than last year.
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