Deutsche Post reports 30% rise in Q3 profit
German logistics conglomerate Deutsche Post World Net has reported a double-digit increase in revenue and earnings in the third quarter through September.
Consolidated revenue rose by 35% from E11.0 billion to E14.9 billion in the period, boosted by the acquisitions of logistics service provider Exel and financial service provider BHW.Profit from operating activities (EBIT) rose by 40.1% to E1.03 billion, including the expected income of E276 million from calling the exchangeable bond on Postbank stock in July prior to maturity.
Consolidated net profit was E537 million in the third quarter of 2006, compared to E412 million in the year-earlier quarter, corresponding to a 30.3% increase. “On the whole, the company is doing well: Logistics and Postbank continue to post exceptionally strong performance and have made rapid progress with respect to integration. At the bank we were even able to finalize the process earlier than planned,” said Edgar Ernst, CFO. “The mail and express divisions, which both suffered a drop in earnings in the second quarter, posted higher profits again in the third quarter.
In view of the traditionally strong Christmas quarter, I am very confident for the remaining weeks of the year.”Deutsche Post World Net is the parent company of global express and logistics business DHL, and, following the 2005 purchase of Exel, is the largest contract logistics company globally.
