TNT (TNT.AS) reported on Monday a worse than expected performance in its mail unit, adding to woes in its global express division, in what are set to be its last earnings before it splits the units into two companies. TNT shares hit a 20-month low and were down 5.6 percent to 15.69 euros by 0725 GMT, the worst performers on Amsterdam's bluechip index .AEX, after the Dutch company's postal unit missed first-quarter underlying operating profit estimates, disappointing investors who already fretted about express. "Investors have chosen to concentrate on the underlying operating profit decline (of 33 percent) at mail despite the fact that cash generation was strong," said ING analyst Axel Funhoff. Europe's second largest mail and delivery group after Deutsche Post (DPWGn.DE), had already issued a profit warning on April 8 after a poor first quarter.
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