TNT Express booked a 4.5% drop in turnover over the first three months of 2013 at €1.67bn, but net profit soared to €144m following the payment of a €200m termination fee by UPS.

The express parcel group recently unveiled a new strategy for the future after the European Commission put paid to its efforts to merge with UPS on competition grounds.

The decline in revenue was largely to do with developments in Asia and Brazil, the company said. TNT is selling its Chinese activities to a local private equity group.

This year will remain challenging, the company said in a statement, although the positive impact of the reorganisation will be felt in the second half.