TNT's postal and parcels business unit posted first quarter 2011 revenue of EUR1.1 billion (US$1.65 billion), an increase of 4.3 per cent compared to the same period a year earlier, according to the Shipping Gazette.

Its express business generated revenue of EUR1.8 billion (US$2.66 billion), up 6.6 per cent year on year.

The results were released ahead of a shareholders vote on May 25 on a proposal to split the company in two, separating express from postal and parcels. The mail business of TNT NV will be renamed Post NL.

The company expects its express business will see modest growth in revenue in Europe, the Middle East and Africa during the rest of the year, American Shipper reported. It said its Asia-Pacific express business is anticipated "partially to recover on the back of now improving intercontinental volumes," after lower than expected China/Europe air volumes in January and February.

The report also cited TNT as saying it is addressing the "continuing negative performance" in its Americas express business, claiming that Brazil suffered from "unexpected and recent volume losses and performance pressure."

It added that the "The business has been set a deadline for realising a turnaround by no later than the second half of 2012," the company said.