(Reuters] – Dutch postal operator PostNL posted Monday its third-quarter core profit. It was consistent with forecasts, citing slower international volume growth as well disruptions in global supply chains.

Delivering parcels and mail across Belgium and Luxembourg, this company reported normalized earnings (EBIT) at 23 million euros ($26.57 million), compared to 36 million euros the previous year.

Analysts expected an average EBIT normalized of 24 millions euros.

Herna verhagen, chief executive, said that the “changes in VAT for small products outside the EU and any other regulation in China had more temporary adverse effects on international volumes than we anticipated and put pressure on both Parcels and Mailin the Netherlands” in a statement.

As coronavirus lockdowns forced shoppers to place orders online, postal operators saw a spike in parcel volume during the pandemic.

The company stated that PostNL’s 1.6% overall parcel volume growth was slow due to the reopening non-essential shops and borders, as well as disruptions in global supply chain systems.

Growth in ecommerce picked up in the fourth quarter, but the company stated that it expects the trend to continue “with some uncertainty regarding Covid-19 or the modifications in VAT regulation.”

The revenue estimate of 358 millions euros for the smaller Dutch mail service was not met by analysts.

PostNL reiterated its expectations for between 280 and 310 millions euros in normalised EBIT (for 2021), which it had previously raised in August due to sustained e-commerce boom under prolonged coronavirus locksdowns.

($1 = 0.8655 euros)