TNT Profit Falls 60%

TNT NV, Europe’s second largest post company, said its second-quarter earnings declined to about $115 million, from about $292 million a year earlier.

Sales fell 10% year-over-year to about $3.6 billion, the company said.

TNT, which spun off its logistics division as Ceva Group in 2007, said that operating profits fell 81% in its express delivery unit, while its regular mail unit saw a 13% decrease, the Associated Press reported.

The company said that it does not see certain signs of recovery from the economic recession.

TNT cut about 2,100 jobs in the last year, and said that it expects to cut 1,260 more jobs in its express division as part of a restructuring.