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Last Updated: Thursday, 10 November 2005, 13:42 GMT
Deutsche Post sees cost-cut gains
Deutsche Post headquarters
Overseas operations now account for half Deutsche Post earnings
Deutsche Post, Europe's largest postal firm, has seen its third-quarter profits rise 140%, boosted by cost savings and ongoing overseas expansion.

Net profit in the three months to 30 September totalled 405m euros ($477m; 273m), compared with 169m euros for the same period last year.

Revenues at the semi-privatised company rose 3.6% to 11bn euros.

Deutsche Post, which is buying the UK's Exel, said cost costs boosted quarterly profits by 163m euros.

Asian growth

The firm is expanding overseas, particularly though its DHL express courier unit, to reduce its reliance upon a German marketplace where from the end of 2007 it will lose its monopoly on mail deliveries.

Revenues generated outside Germany now constitute more than half of Deutsche Post's business.

Quarterly profits at its mail business rose 8% year on year to 399m euros, despite a 1.4% decline in revenue.

DHL enjoyed a profit of 86m euros compared with a loss of 52m euros for the same period a year earlier, with revenues up 6% as it continues to expand in Asia.

Deutsche Post said it intended to complete its 3.7bn acquisition of Exel by the end of this year, and said it was considering making further takeovers.

"Our operating business has recorded encouraging overall growth, and we are confident that this trend will continue during the remaining months of this year," said Deutsche Post finance chief Edgar Ernst.


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