DEUTSCHE POST SAYS 2002 PROFIT AND REVENUE WERE HIGHER THAN EXPECTED

DEUTSCHE POST SAYS 2002 PROFIT AND REVENUE WERE HIGHER THAN EXPECTED

   Deutsche Post World Net, the German postal service and logistics group, said that its group revenues and profit from operating activities for 2002 exceeded expectations.

   In an announcement of preliminary figures, Deutsche Post said that its revenues increased by 17.6 percent last year, to 39.3 billion euro ($40.9 billion).

   Profit from operating activities before goodwill amortization was 2.4 billion euro ($2.5 billion), 5 percent below the prior year's figures, but ahead of the group’s 2.2 billion-euro forecast.

   However, Deutsche Post’s net profit fell by 58 percent to 660 million euro ($690 million) last year, because of an extraordinary charge of 907 million euro ($940 million) on the repayment of state subsidies ordered by European authorities.

   Deutsche Post, the parent company of DHL and Danzas, said that all its divisions reached or exceeded their target results last year. The group also reported progress from its cost-cutting program, “Star.”

   Deutsche Post also reaffirmed its goal of increasing its profit from operating activities before goodwill amortization to 3.1 billion euro ($3.2 billion) by 2005.

   “We have once again succeeded in achieving good results in an economically weak fiscal year,” said Dr. Klaus Zumwinkel, chairman of Deutsche Post.

   Deutsche Post will publish its full financial results March 25.