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Indiaexportnews.com

Deutsche Post/DHL quarterly profit up 2.3pc

  20.05.2014    

Germany's Deutsche Post, the world's biggest logistics group by revenue, posted a 2.3 per cent first quarter operating profit increase to EUR726 million (US$995.38 million), drawn on revenues of EUR13.6 billion, up 1.2 per cent, according to Shipping Gazette.
Quarterly revenue fell EUR461 million, attributed to swings in currencies in parts of Asia and from the slowing economies as well as political turmoil involving Russia.
Deutsche Post said it expected a full year 2014 pretax profit increase of between EUR2.9 billion and EUR3.1 billion compared with EUR2.86 billion last year in line with earlier estimates.
Overall, freight volumes at the company, which owns the world's biggest express company DHL, rose thanks to a recovery of the European and US economies, Reuters reported.
Dutch rival TNT, which still leads the intra-Europe express market, also reported that its first quarter revenues fell 6.6 per cent because of weak foreign currency values against the euro.
Chief Finance Officer Larry Rosen told reporters that Deutsche Post was sticking to its 2014 forecast for higher earnings, banking on "good" growth at DHL - comprising Express, Global Forwarding and Supply Chain divisions.
Operating profit at the Express unit rose 14.1 per cent to EUR275 million, as deliveries of documents and parcels within a 24-hour period rose in Asia-Pacific, the Americas and Europe.
The Global Forwarding division first quarter operating profit fell 45 per cent to EUR48 million, again on weaker currencies as well as weak pricing.
Reduced freight capacity among airlines put pressure on rates, said Deutsche Post, adding that air volumes were flat while ocean throughput increased 4.7 per cent stable demand on the north-south routes from Europe.



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