German Post doubles profits

9th March 2004, Comments 0 comments

9 March 2004 , BONN - German postal services group Deutsche Post reported Tuesday that it doubled its net profit in 2003 to EUR 1.31 billion and will raise its dividend by 10 percent. Company chairman Klaus Zumwinkel said the dividend would be raised by 4 cents to EUR 0.44. Operating profits reached a record EUR 2.98 billion, up 0.2 percent from 2002 levels, despite lower postal rates in Germany, Zumwinkel said. The earnings came on revenues of EUR 40.02 billion, up 1.9 percent from 2002, with the company

9 March 2004

BONN - German postal services group Deutsche Post reported Tuesday that it doubled its net profit in 2003 to EUR 1.31 billion and will raise its dividend by 10 percent.

Company chairman Klaus Zumwinkel said the dividend would be raised by 4 cents to EUR 0.44.

Operating profits reached a record EUR 2.98 billion, up 0.2 percent from 2002 levels, despite lower postal rates in Germany, Zumwinkel said.

The earnings came on revenues of EUR 40.02 billion, up 1.9 percent from 2002, with the company achieving 43 percent of that volume outside Germany amid its foreign expansion drive.

Deutsche Post pointed out that the 2002 earnings were comparatively lower after the company was hit by European Union fines for illegal state support.

For 2004, the company is aiming for 5 to 10 percent earnings growth, Zumwinkel said.

DPA
Subject: German news

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