Deutsche Post's Net Income Falls, Operating Profit Rises

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Germany's Deutsche Post AG said yesterday that its net income fell 5 percent in the first half of its fiscal year but its operating profit and sales rose.


The partially privatized post office said its profit was 1.05 billion euros ($960 million) in the first half, down from 1.1 billion euros a year ago. Klaus Zumwinkel, chairman of the company's board of management, said the drop resulted largely from scheduled tax charges.


Operating profit was up 5.5 percent at 1.41 billion euros ($1.29 billion), compared with 1.34 billion euros last year. The results were in line with analysts' expectations.


Deutsche Post's mail division accounted for the vast majority of operating profit, 1.15 billion euros ($1.05 billion).


Zumwinkel said that for the second half of the year, "we intend to achieve at least the same increase in profits as in the first half."


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