FRANKFURT: German logistics group Deutsche Post said it was confident of meeting its objectives for the year, insisting that business was strong in the first quarter, even if its bottom line fell.
Deutsche Post said in a statement that net profit slipped by 0.9 per cent to 633 million euros ($688 million) in the period from January to March.
But the decline was due to higher taxes, it explained
Underlying or operating profit climbed by 1.4 per cent to 885 million euros on a 7.3 per cent increase in revenue to 14.9 billion euros in the three-month period. “Following a record year in 2016, the upward trend has continued at Deutsche Post DHL Group this year,” Chief Executive Frank Appel commented.
Deutsche Post has pressed on with a long-term drive for efficiency and revenue growth, seeing “good results” in the six-year plan launched in 2014.
Following a pattern that has become well-established in recent years, packages and e-commerce delivery services drove growth at the group between January and March, while it achieved further savings in its freight division.
Deutsche Post said it expects underlying or operating profit to reach 3.75 billion euros in the whole of 2017, up from 3.5 billion euros last year. And it is aiming to lift operating profit by an annual average 8.0 per cent between 2013 and 2020.— AFP
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