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Deutsche Post 1Q net profit jumps to euro944 million

Deutsche Post 1Q net profit jumps to euro944 million

German mail and logistics company Deutsche Post AG said Wednesday that net profit jumped in the first quarter despite lower revenues, due largely to gains on options of its Postbank shares.
The Bonn-based company said net profit for the January-March period rose to euro944 million ($1.26 billion) from euro383 million in the first quarter of 2008.
Sales, however, were 13 percent lower, at euro12 billion from euro13 billion in the first quarter of 2008.
Deutsche Post, which is also the parent of express logistics company DHL, said net profit was boosted by the recent sale of a stake in its Postbank retail banking unit to Deutsche Bank AG.
The company did not provide a specific earnings outlook, but said that a turnaround in demand may be near.
"Following the significant drop in volumes around the group in the first quarter 2009, Deutsche Post DHL may now be reaching the bottom in terms of volume declines," the Post said in its report.
"If this were the case, the group would expect to see increasing benefit in the second half of the year and in 2010 from its cost-cutting program."


Updated : 2021-07-25 15:54 GMT+08:00