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Deutsche Post sees '10, '11 profit rising

Deutsche Post DHL said a global economic recovery and cost cuts will help it boost its core profit this year and in 2011.

“Thanks to strict cost management and the consistent implementation of our Strategy 2015, we are now able to benefit overproportionally from the accelerating global economic recovery,” Europe's biggest mail and express delivery company said on Tuesday.

In 2010, underlying earnings before interest and tax (EBIT) will rise to €1.6 billion - €1.9 billion from €1.47 billion in 2009. The 2009 figure was down 27% year-on-year but was bang in line with analyst estimates in a Reuters poll.

The company said it would pay a dividend of €0.60 per share for 2009, unchanged from a year earlier and in line with analyst estimates.

Sluggish consumer spending and shrinking business investing hurt Deutsche Post and its peers last year.

The World Trade Organisation has said that 2009 global trade volumes contracted by about 12%, the sharpest decline since World War Two. (Reuters)