DHL parent Deutsche Post posts three-fold leap in profit

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Deutsche Post, the world's leading logistics company, said Tuesday that its second quarter net profit more than tripled from the same period a year earlier to 278 million euros ($396 million).

That was nonetheless just below an average analyst forecast compiled by Dow Jones Newswires of 279 million euros, and came on sales that gained a slight 0.3 percent to 12.8 billion, a statement said.

Analysts had expected sales to be a bit higher around 13.30 billion euros.

The group raised its full-year forecast for core earnings, saying it now expected a result "at the higher end" of a range of 2.2 to 2.4 billion euros.

Earnings before interest and taxes (EBIT) in the second quarter more than doubled to 562 million euros meanwhile, the company said.

Its DHL express delivery division accounted for 471 million euros of the group's core earnings, a multiple of nearly four from the same period in 2010.

Deutsche Post said that DHL had been boosted by "ongoing global economic growth as well as its exceptional market position in the world's fast growing regions - particularly in Asia."

Deutsche Post also benefitted in particular from a lack of restructuring charges that had totaled 250 million euros last year.

© 2011 AFP

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