DPSGY Deutsche Post AG (PK)

   By Max Bernhard 
 

Deutsche Post AG (DPW.XE) on Thursday reported a drop in fourth-quarter profit but said it expects earnings to grow significantly in the year ahead.

Net profit in the quarter fell 3% to 813.0 million euros ($919.0 million) from EUR837 million in the same period a year earlier, the German postal company said. Revenue rose 5% to EUR16.93 billion.

Chief Executive Frank Appel said 2018 was a challenging year for the company, but that its DHL divisions benefited from growth in the global trade sector.

"In our German post and parcel business, we initiated measures to secure the division's long-term EBIT growth--and we consciously accept that this comes with a short-term burden on EBIT," he said.

Earnings before interest and taxes in the fourth quarter were EUR1.13 billion, 4% lower than in the same period a year ago. Deutsche Post said for the year ahead, it expects EBIT of between EUR3.9 billion and EUR4.3 billion.

The company proposed a stable dividend of EUR1.15 a share and confirmed its 2020 guidance of at least EUR5.0 billion in operating profit.

Write to Max Bernhard at max.bernhard@dowjones.com; @mxbernhard

(END) Dow Jones Newswires

March 07, 2019 01:32 ET (06:32 GMT)

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