Reuters: Regulatory News: UPDATE 1-TNT Express quarterly profit down 12 pct

Reuters: Regulatory News Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

UPDATE 1-TNT Express quarterly profit down 12 pct Oct 29th 2012, 08:34 Mon Oct 29, 2012 4:34am EDT AMSTERDAM Oct 29 (Reuters) - TNT Express, the Dutch mail delivery group being bought by UPS said third-quarter profit fell 12 percent. The company also repeated that it expected EU Commission approval for the deal. UPS, or United Parcel Service, is not expected to complete the 5.2 billion euro acquisition until early next year after the European Commission expressed objections. TNT Express reported operating profit at the low end of expectations in the third quarter, down 12 percent to 38 million euros ($49.1 million) on sales of 1.8 billion euros. Forecasts were in a range of 30 million to 91 million euros, with most at the lower end of that range, giving an average of 62 million euros in a Reuters poll of six analysts. TNT said it booked 51 million euros in provisions in the quarter, 19 million of which was for claims in Brazil. Operating losses in the Americas eased from 30 million euros a year earlier to 23 million. The European Union's antitrust chief has said UPS and TNT would have to offer concessions to secure regulatory approval for the deal. A merged UPS and TNT would have a quarter of the European express services market, ahead of DHL Worldwide Express BV with 19 percent, according to analysts at Bernstein Research. The Commission is scheduled to decide on the proposed merger by Jan. 15 next year. Analysts had already warned that the deal would give UPS a dominant position in some markets, such as Britain, and that as a result it would have to sell assets to soothe regulatory concerns. ($1 = 0.7733 euros) Link this Share this Digg this Email Reprints

You are receiving this email because you subscribed to this feed at blogtrottr.com. If you no longer wish to receive these emails, you can unsubscribe from this feed, or manage all your subscriptions