Dutch postal and express company TNT reported first-quarter net income down 58.1 % to € 179 million, as total revenues rose 1.8% to €2.72 billion, and operating income dropped 15.1% to €289 million. The company points out, however, that the results were heavily influenced by fewer working days in the quarter, and the fact that Easter fell in the first quarter this year (it usually falls in Q2). On a pro-rated comparison basis, TNT says revenue would have been about €70 million higher, and operating income about €40 million higher. Overall results were also dragged down by a one-time charge of €7 million in the Mail Division. The company also points out that the net profit attributable to shareholders was significantly lower than last year primarily as a result of the book gain of €197 million on the sale of TNT Freight Management in 1Q07.
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