Deutsche Post upbeat on prospects
Deutsche Post World Net (DPWN) has released its results for the third quarter of 2003. They show an increase in revenues of 2.6% to €9,708m compared with the same period in 2002. Operating profit (EBITA) rose by 0.4% at €570m.
Over the first nine months the company’s Express division reported sales of €11,513m, a rise of 4.1% on the previous year. Looking specifically at the quarter, the European region saw an increase of 9.1% in part due to the consolidation of revenues from Securicor in the UK, Guipuzcoana in Spain and Ascoli in Italy. Operating profit leapt by 63.4%, mainly as a result of positive developments in Europe.
The Logistics Division also showed strong growth. In the first nine months the division increased its revenues by 3.9% to €4,309m. The Solution business unit grew by 2.5%, driven by strong performance in electronics/telecoms sector and Danzas Air & Ocean (the company’s forwarding business) grew by 4.6% as air and shipping rates were pushed up by carriers. In the first nine months operating profit for the division grew by 16.4%, mainly due to the Solutions unit as forwarding margins were squeezed.
Overall the management offered an upbeat view of the market which it believes is gradually coming out of recession. It was also able to realise savings of €339m through its STAR integration programme, and believes that this will top €400m by the end of the year.
