Deutsche Post hits target

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Deutsche Post World Net says it has beaten its profit target for 2008 with full year underlying EBIT of £2.2 billion (2.4 bn euros).

Previewing the group’s annual results, chief financial officer John Allan said: “We have taken vigorous action to minimise costs and conserve cash through our Roadmap to Value initiatives during the past year. Those measures enabled us to deliver on our profit expectations, despite the weakening economic climate.”

The reported EBIT was better than minus one billion euros once the effect of  restructuring US Express business was included along with writedowns on goodwill and intangible assets in other divisions.

“As expected, fourth-quarter trading volumes in most business units continued to soften in a year-on-year comparison. In air and ocean freight volumes weakened, with a double-digit decline rate reflecting the slowing of the global economies,” the group said.

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