Australia

PROFIT at Australian giant TNT before one-time gains plunged 95 per cent in the September quarter, mainly because of a poor performance by Ansett Holdings. 'The equity-accounted results are affected by a large deterioration in the operating profit of Ansett,' chairman Fred Millar said. Despite the outcome, Air New Zealand chairman Bob Matthew says negotiations to buy TNT's 50 per cent stake in Ansett hinge on a few remaining details. He told Air New Zealand's annual shareholders' meeting that an announcement was 'only a few days' away on how he hoped the company would progressively acquire TNT's stake in the Australian airline.