Denmark Post nine-month profits drop

Post Danmark announced today lower profits for the first nine months of the year due to stagnating revenues and higher costs and also confirmed it expects a decline in full-year profits. But its parcels and express business continued to grow.

The Danish postal group saw January-September turnover rise to DKK 8,815 million from DKK 8,634 million over the same period last year, mostly thanks to consolidation of the Transportgruppen transport company.

But Ebit dropped to DKK 590 million from DKK 892 million over the same period last year and net profits fell to DKK 401 million from DKK 730 million. This was due to higher wages, increased transport costs and additional costs of DKK 130 million from a pre-pension programme at minority holding Belgian Post.

Post Danmark’s Courier, Express and Parcels business unit, including Transportgruppen, increased nine-month revenues to DKK 1,278 million from DKK 956 million last year but its operating loss more than doubled to DKK 155 million. This was largely due to higher transportation costs which outweighed the revenue increase

1 USD = 5.02338 DKK