TNT is seeing year-on-year volume declines of 20 per cent in air express and 5 per cent in road express. CEO Peter Bakker said customers were shifting their demand from air to road services and that the economic environment was depressing volumes overall.
Bakker said the full-year results for its express unit, which accounts for 60 per cent of its sales, will likely come in somewhat below the outlook given during its third-quarter results. It did not issue a 2009 outlook.
“These are tough times for our customers and our industry,” he said. “Although TNT is of course not satisfied with its performance in 2008, this was heavily impacted by unprecedented sharply deteriorating economic conditions.
“For 2009, TNT is aggressively implementing cost savings and preparing for a longer phase of economic recession. TNT is confident that as a result of its short-term focus on adapting its cost structures, and strengthening its medium term strategic opportunities, an even stronger company will emerge.