TPG profit up despite U.S. logistics weakness

TPG profit up despite U.S. logistics weakness

Dutch mail, express and logistics company TPG said on Monday first quarter core earnings rose to 310 million euros ($368.4 million), helped by its mail and express divisions.

Revenue totaled $3.53 billion, up from $2.45 billion from a year ago.

Amsterdam-based TPG, the world's second-largest logistics firm after Britain's Exel, and which is currently restructuring its TNT Logistics business, said it was "confident that good improvements in earnings will be achieved in 2004".

Pre-tax earnings for the express unit totaled $79.4 million compared with $61.6 million on revenue of $1.29 billion, up from $1.23 billion. Logistics earnings grew to $24.9 million from $23.7 million on revenue of $1.09 billion, against $1.05 billion in the year-ago quarter.

North America logistics revenues fell by 14.1 percent mainly due to currency swings although organic growth was adversely affected by the loss of a major automotive related contract.