Express parcel delivery group TNT booked a 3.2% drop in turnover to €6.7bn in 2014, while its net loss rose to €195m compared with €122m in the year earlier period.

Part of the loss can be attributed to higher taxes and to a €32m write-off in the fourth quarter, the company said in a statement.

TNT made a loss of €135m in the fourth quarter of 2014, compared with profit of €31m in the year earlier period. Much of this was attributable to the cost of reorganisation which includes 4,000 job losses over a three period.