Reuters: Hot Stocks: UPDATE 1-PostNL sees year profit in lower half of forecast range

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UPDATE 1-PostNL sees year profit in lower half of forecast range Nov 5th 2012, 08:21 Mon Nov 5, 2012 3:21am EST * Q3 hit by cut in valuation of TNT Express stake * Sees FY mail volumes down by 8-10 pct * Shares fall more than 5 percent at opening AMSTERDAM, Nov 5 (Reuters) - Declining mail volumes and a lower valuation for its stake in TNT Express will push full-year underlying operating profit at PostNL to the bottom half of analysts' forecast range, the Dutch post and package group said on Monday. PostNL's shares dropped more than five percent at the opening of trading in Amsterdam. The largest shareholder in TNT Express said it made an operating loss of 128 million euros ($164 million) in the third quarter compared with a profit of 66 million a year earlier. Analysts polled by Reuters had expected earnings before interest and taxation of 67.4 million. The decline was caused by a one-off cost of 188 million euros, mostly due to the declining value of its 30 percent stake in TNT Express, and a 10 percent drop in mail volumes. In its 2012 outlook, PostNL said mail volumes would fall between 8 percent and 10 percent. It kept its forecast for underlying cash operating income, but said the full-year result would be in the bottom half of a range of 110 million to 160 million euros. PostNL said the value of its stake in TNT Express fell 180 million euros from the second quarter to 1.3 billion euros. Link this Share this Digg this Email Reprints

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