TNT revises outlook for Express unit, shares tumble
TNT announced it has revised its expectations for its express unit for FY2011 as performance has been "somewhat short of expectations" thanks to issues related to higher fuel costs, underutilisation of its fleet and continuing integration problems in Brazil. The unit is EUR25 million behind its 2010 operational performance after 12 weeks. 1Q2010 operational profit was EUR59 million. Shares in TNT fell sharply on Friday, down 12.7%.
- Passenger numbers:
- Icelandair: 96,639, +10% year-on-year;
- Air Iceland: 27,978, -4%;
- Passenger numbers: 6.0 million, +1.2% year-on-year;
- Passenger load factor: 78.6%, -1.9 ppts;
- Cargo traffic (FTKs): -0.3%;
- Cargo load factor: 71.1%, -2.3 ppts.
Selected European share price movements (% change): 08-Apr-2011