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Deutsche Post Q1 profits surge

AFP/The Local · 11 May 2010, 09:22

Published: 11 May 2010 09:22 GMT+02:00

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Analysts polled by Dow Jones Newswires had forecast a 49 percent increase to €1.4 billion owing to a change in accounting standards and strict focus on controlling costs.

An economic rebound boosted the group's logistics activities more than expected however, with core earnings posting a jump of 81 percent to €566 million on sales that gained 4.4 percent to €12 billion.

Maritime transport showed particularly strong results, as did DHL express package services.

The overall results were also boosted by "a significant positive effect" generated by financial instruments related to the sale of the retail banking unit Postbank to Germany's largest bank, Deutsche Bank.

"We have broadly improved our performance," a statement quoted Deutsche Post chief executive Frank Appel as saying. "But there is much more to accomplish," Appel added.

"We will continue to press forward with the implementation of our Strategy 2015 and unlock the Group's full potential step by step."

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The group, which employs some 500,000 people worldwide, has focused on efficiency gains and expects to pursue that path this year as well.

Deutsche Post confirmed its full-year 2010 outlook of operating profit before exceptional items between €1.6 to €1.9 billion, and said it "expected to finish the year at the upper end of the forecast range."

AFP/The Local (news@thelocal.de)

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Your comments about this article

12:47 May 11, 2010 by William Thirteen
""unlock the Group's full potential step by step.""

sounds a bit sinister...
13:54 May 12, 2010 by michael4096
They seem to be doing a good job moving with the times. They reflect the increase in internet purchasing with good delivery schedules and are reducing the number of collection points. I must deliver parcels to the local children's clothing shop, but who cares?

I haven't seen any big discrepancies between german prices and the rest of europe.
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