Economic upswing boosts logistics giant Deutsche Post

9th November 2010, Comments 0 comments

German logistics group Deutsche Post said on Tuesday that improving economic conditions had boosted third-quarter sales by 14 percent, helping it return to profit.

The company, which owns express delivery firm DHL, said sales from July to September were 12.8 billion euros (17.8 billion dollars), while operating earnings rose to 543 million euros from 378 million euros.

Net income improved from a loss of 83 million euros in the year-earlier period to a profit of 226 million euros, boosted by better profit margins at DHL and efficiency gains.

"The company's very good performance in the third quarter demonstrates once again that we have an exceptionally good position that allows us to profit tremendously from positive economic trends," said chief executive Frank Appel.

"Our strategy is robust, our efficiency programmes are paying off, and our customers are rewarding our efforts."

The former monopoly, still 30.5-percent state-owned, said it expects operating profit of 2.0-2.1 billion euros this year. Its previous guidance was for 1.9-2.1 billion euros.

© 2010 AFP

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