Deutsche Post’s third-quarter net profit falls 22 pct

Deutsche Post, the semi-privatised German postal authority, posted a 22 percent decrease in its third-quarter net profit after the initial public offering of its Postbank unit increased minority interests.

The company reported a third-quarter net profit of 169 million euros (217 million dollars) compared with 219 million euros a year earlier.

Deutsche Post floated 33 percent of Postbank’s share capital on the stock market in June.

Profit from operations, measured as earning before interest payments, taxes and amortisation, rose 0.9 percent over the period to 575 million euros from 570 million euros.

Sales grew 9.9 percent to 10.7 billion euros from 9.7 billion euros.

The results were in line with analysts forecasts.

In light of the improvement in its operating performance, the company said it aimed to raise its full-year dividend payment 13.6 percent to 50 cents from 44 cents previously.

The company also stood by its full-year financial target for growth in profit from operations between 7.5 percent and 12.5 percent.

Shares in the company were showing a gain of 1.51 percent in early afternoon trading at 15.46 euros in Frankfurt while the DAX index of leading German shares shed 0.36 percent.

Dealers said its shares were in demand thanks to news of the dividend increase.