Deutsche Post confident of achieving 2003 target profit

Deutsche Post, the German postal service, has confirmed its profit forecast for 2003. The company expects to achieve an ebita of at least €2.9bn. This is almost as high as for last year, despite a drop of €300m resulting from a reduction in postage imposed by the regulatory authority. The company’s post-tax profit for the year is expected to be higher than for 2002, as a result of a drop in extraordinary expenses. This may lead to a higher dividend. Last year, Deutsche Post paid a dividend of 40 euro cents per share. The privatization of the company is expected to be complete by 2007.