Postnord's profit up 50 percent in first quarter

This is a 50 percent profit increase compared with the same quarter a year earlier.

Net sales decreased by 3 percent in constant currency for comparable units, according to the company.

Parcel volumes increased by 12 percent, while letter volumes fell by 18 percent during the quarter.

"The result decreased primarily because of our winding down of the Danish national letter handling. As a result of the winding down, PostNord Denmark has lost synergies and been affected by increased restructuring costs for the parcel business," PostNord writes in a press release.