Deutsche Post meets 2004 profit targets

Deutsche Post, the semi-privatised German postal authority, managed to meet its full-year profit targets last year, chairman Klaus Zumwinkel said in comments released Friday.

Deutsche Post had been pencilling in underlying profit growth of 7.5-12.5 percent for last year compared with a figure of 2.975 billion euros (3.9 billion dollars).

That would mean earnings before interest, tax, depreciation and amortisation (EBITDA) had been expected to amount to 3.2-3.35 billion euros in 2004.

Zumwinkel told journalists at an event in Bonn on Thursday evening that the EBITDA target had been met.

Deutsche Post’s activities in the United States had turned in a loss of around 500 million euros, which was a “slight disappointment,” the chairman said.

But overall, the group was “satisfied and the year ended satisfactorily,” he said.

Zumwinkel’s comments were not made available for publication until Friday.

Detailed 2004 results were scheduled to be released on March 22.

Zumwinkel reiterated Deutsche Post’s interest in buying the logistics activities of troubled retail giant KarstadtQuelle, estimating a deal could be tied up within the next two months.

The German group was also interested in buying a stake in its Danish rival, which is in the process of being privatised, he said.

Deutsche Post had submitted an offer and expected the transaction to be completed in June, Zumwinkel said.