DEUTSCHE POST 2001 EARNINGS IMPROVE

DEUTSCHE POST 2001 EARNINGS IMPROVE

   Deutsche Post World Net reported 2001 net profit for the period before minority interest of 1.6 billion euro ($1.4 billion), up 4.3 percent.

   The German postal and express giant reported revenue of 33.4 billion euro ($29.7 million). The company said revenue and profits surpassed records set in 2000.

   Last year, Deutsche Post’s Express, Logistics and Financial Services sectors together contributed 66 percent of divisional revenues, while the Mail sector’s share dropped to 34 percent.

   The Mail division brought in an operating profit of 2.0 billion euro ($1.78 billion) on 11.7 billion euro ($10.4 billion) in revenue in 2001, remaining nearly constant with 2000, despite competition and what Deutsche Post called “the pressure of substitution by electronic media.”

   The Express division saw operating income of 176 million euro ($156.6 million), up 132 percent, on revenue of 6.4 billion euro ($5.7 billion), up 6.6 percent.

   The Logistics division's operating profit rose 41 percent to 159 billion euro ($141.5 million) on revenue of 9.2 billion euro ($8.2 billion), up 10.4 percent.

   Deutsche Post’s Financial Services division's operating profit improved to 552 million euro ($491 million) despite revenues off slightly, to 7.6 billion euro ($6.76 billion).

   The Express, Logistics and Financial Services sectors contributed 30 percent of Deutsche Post’s overall profit in 2001.

   “It will be a challenge to surpass our operating profit yet again,” said Dr. Klaus Zumwinkel, chairman of the board of management for Deutsche Post World Net. “Through the full consolidation of DHL and further organic growth, we anticipate strong revenue increases of more than 20 percent, to over $36.5 billion, in 2002.”