Deutsche Post Q2 net profit up 23%

Deutsche Post Q2 net profit up 23%

Berlin: German mail and logistics company Deutsche Post AG says its second quarter net earnings rose by 23% to euro81 million ($106 million) as a recovering economy boosted global trade.

The company, which owns logistics specialist DHL, said Tuesday that profit was up from euro66 million a year earlier. Revenue rose 16% to euro12.8 billion from euro11.1 billion.

Deutsche Post increased its guidance for the full year, forecasting a profit before interest and taxes (EBIT) between euro1.9 and euro2.1 billion up from a previous range of euro1.6 and euro1.9 billion.

The group said second-quarter EBIT rose 96% to euro503 million from euro257 million. But a cost of euro250 million due to the sale of a French business line weighed down net profit.