Package delivery service TNT Express posted a loss of €81m last year on turnover of €7.3bn. The loss was largely due to goodwill write-offs on operations in China and India, the company said.

TNT Express remains profitable in Europe but earnings have been offset by setbacks in Asia, Brazil and the Americas in general.

The company said on Monday it will present a new strategy within a month. At the beginning of this year, the European Commission finally called a halt on competition grounds to TNT Express’s plans to merge with UPS.