Dutch mail company PostNL swung to a first quarter loss of 410 million euros ($533 million) following a 440 million euro ($572 million) write-down of its stake in TNT Express after United Parcel Service pulled a planned takeover of the express delivery company.
PostNL, which made a profit of $823 million in the first quarter of 2012, said it still intends to sell its near 30 percent stake in TNT Express. The shareholding had a book value of $1.2 billion at the end of the first quarter of 2013.
UPS withdrew its $6.8 billion agreed bid for TNT Express in January after European Union regulators expressed concern over its impact on competition.
PostNL’s underlying revenue edged 0.8 percent higher to $1.4 billion, but operating income declined 27 percent to $107million.
The Dutch postal market declined 9.5 percent from a year ago, the company said.