Deutsche Post on Tuesday said it expects a further improvement in earnings in th...
) on Tuesday said it expects a further improvement in earnings in the second half of 2019 due to restructuring measures and a rise in German postage and parcel prices.
The German post and logistics group reported a 3% rise in second-quarter sales to 15.5 billion euros while operating profit rose by 2.9% to 769 million euros, topping the 727 million average forecast from analysts.The company, which is partly state-owned, said steps taken to improve productivity and an increase in the German postage rate from July 1 would help in the second half of the year, despite weak economic growth.
Deutsche Post has enjoyed a boom in volumes thanks to the rapid growth of ecommerce, but prices have not kept pace with costs. It said last month it will hike parcel prices for business customers due to higher transport and personnel costs. Deutsche Post said full-year operating profit should rise between 4.0 and 4.3 billion euros, up from a previous estimate of between 3.9 billion and 4.3 billion euros, and confirmed its guidance for the metric to now reach more than 5 billion euros in 2020.
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