Deutsche Post FY profit surges on cost cuts
In fiscal 2005, sales rose 3.3% to E44.6 billion compared to E43.2 billion in the prior year. Consolidated net profit rose 39.9% to E2.24 billion. Deutsche Post noted that the figures did not include the results from logistics company Exel, which was acquired last December. "It is now clear that our corporate strategy is bearing fruit", said Deutsche Post chairman and CEO Klaus Zumwinkel. "Our competitive advantage is founded on the broad and stable positioning of the group, the rapid integration of growth driver Exel, and the increased sales performance brought by BHW financial services." Looking ahead, the company said it expects "substantial increases" in earnings, with operating profit in 2009 projected to be in excess of E5 billion.