Deutsche Post 1Q Net Profit Hurt by Pandemic, Electrical Vehicle Subsidiary
12 May 2020 - 03:46PM
Dow Jones News
By Matteo Castia
Deutsche Post AG said Tuesday that first-quarter net profit fell
as the pandemic continued to hit business throughout the period,
and due to a negative performance in its electrical-vehicle
business.
The German freight-and-logistics group said quarterly net profit
was 301 million euros ($325.8 million), compared with EUR746.0
million a year earlier.
Revenue rose 0.9% year-on-year to EUR15.49 billion.
Earnings before interest and taxes were EUR592 million, slightly
above the EUR590 million estimated by the company early last month.
The result included a EUR210 million hit from the pandemic and came
in 49% lower than the year-earlier figure, the company said.
Deutsche Post said its electric-vehicle-manufacturing business
StreetScooter had a negative impact on quarterly earnings.
Write to Matteo Castia at matteo.castia@dowjones.com
(END) Dow Jones Newswires
May 12, 2020 01:31 ET (05:31 GMT)
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