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Indiaexportnews.com

DHL Q3 profit falls from US$735 million to $167 million as sales rise

  08.11.2018    

Deutsche Post DHL Group's third quarter net profit fell to EUR146 million (US$167.5 million) from EUR641 million ($735 million), a result drawn on revenues of EUR14.8 billion, which increased 4.7 per cent year on year, according to Shipping Gazette.
The Bonn-based company said that the net profit decline is mainly attributable to lower EBIT in the parcel division.
Despite this, the quarterly results revealed the DHL group continued to grow in the third quarter and on its way to reaching earnings targets for 2018.
Operating profit (EBIT) came in at EUR376 million for the third quarter. While this figure was below the prior-year amount of EUR834 million, it was in line with the group's forecasts.
Said CEO Frank Appel: "Deutsche Post DHL Group remains in good shape with our fundamental growth drivers intact. We are tackling the challenges in our post ecommerce parcel division with determination and are making good progress in implementing the announced measures to improve productivity and the cost structure."
As the world largest air freight forwarder DHL Global Forwarding continued to see volumes fall during the third quarter, but still managed to record improvements in revenues and gross profits, the company said.
Quarterly volumes fell 5.2 per cent year on year to 529,000 tonnes. This was the third straight quarter of falling air cargo volumes at DHL while rivals posted gains.
Kuehne+Nagel saw air freight increase 16 per cent over the first nine months and Panalpina posted a four per cent gain and there was a 10 per cent increase at DSV Air & Sea.
The overall market is estimated to have increased by around four per cent during the first nine months.



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