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The Amsterdam-based group posted earnings before interest and tax of 160 million euros ($202 million) in the quarter, down from 253 million euros ($319 million) a year earlier. Revenue fell 2.3 percent to 2.9 billion euros.Net profit was 207 million euros, off 60 percent from 250 million a year earlier.
TNT recorded a 152 million-euro charge during the quarter to restructure its express and mail units, including 1,000 job cuts.
Full-year operating profit fell 17.6 percent to 982 million euros, while revenue grew 1.2 percent to 11.2 billion euros.
"The extremely tough trading conditions we saw for our express business in the second half of 2008 are continuing into 2009 so far," Chief Executive Peter Bakker said. "Pressure on volumes is expected to remain high."
Bruce Barnard
