FRANKFURT, Germany (AP) — Express delivery and freight company Deutsche Post DHL saw its net profit rise 6 percent in the third quarter as its parcel business in Germany benefited from growth in online retailing.
The company said Tuesday that its net profit reached 399 million euros ($534 million), up from 377 million in the same quarter last year. The figure was just short of the average analyst estimate of 403 million euros compiled by financial information provider FactSet.
The profits rise came despite a decline in sales attributed to shifts in exchange rates. Revenues fell 2.5 percent to 13.50 billion euros. The recently stronger euro shrinks revenues in other currencies when they are re-stated in euros for earnings purposes.
Earnings rose at the company's express delivery business and from delivering letter and parcels in Germany. Parcel revenue for deliveries to customers of online retailers rose 9 percent. The company said it was expanding its parcel business by increasing drop-off points to more than 50,000 and by expanding evening delivery to more cities. The mail business also benefited from an increase in postal rates.