DPSGY Deutsche Post AG (PK)

   By Nathan Allen 
 

Deutsche Post AG (DPW.XE) said Tuesday that its second-quarter net profit declined on year as problems at its post, eCommerce and parcel division weighed down earnings.

The German post and logistics company, which operates the DHL brand, said profit in the second quarter was 516 million euros ($596.2 million) down from EUR602 million a year earlier. Revenue increased slightly to EUR15.03 billion from EUR14.81 billion, despite a EUR421 million hit from unfavorable currency swings, the company said.

Earnings before interest and taxes fell around 11% to EUR747 million, according to Deutsche Post.

Analysts had predicted EBIT of EUR760 million on revenue of EUR14.92 billion, according to a FactSet-compiled consensus.

Deutsche Post attributed the lower profit to issues at its post, eCommerce and parcel division, citing higher transport and staff costs.

In June the company issued a profit warning and presented a series of measures intended to raise productivity and reduce costs at the unit.

The group confirmed its revised 2018 EBIT target of EUR3.2 billion.

Write to Nathan Allen at nathan.allen@dowjones.com

(END) Dow Jones Newswires

August 07, 2018 01:30 ET (05:30 GMT)

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