Depressed revenue and bad debts pushed profit in the second quarter down 71 per cent for The world’s biggest logistics company as Deutsche Post DHL warned of tough market conditions going forward. Profit plunged to US$93.7 million from $328 million a year ago. Mail, express, freight forwarding and contract logistics revenue all shrank by nearly 18 per cent to $15.8 billion. Operating income fell by a lower-than-expected 38 per cent to $392 million, aided by cost cutting. The Bonn-based company, which ceased domestic express deliveries in the US in January after substantial losses, forecast full year profit of $1.7 billion compared with $3.42 billion in 2008. The earnings forecast “is built on the assumption we won’t see a substantial improvement of global trade in coming months,” said CEO Frank Appel.
Related Articles
DHL Express Hong Kong becomes the Official Partner of Kai Tak Sports Park
DHL sees new opportunities in Thailand with its Strategy 2030, reaffirms its commitment to help drive Thailand’s economic growth
DHL Group enhances its electric vehicle and battery supply chain solutions in Asia Pacific as it gears up for Strategy 2030
DHL eCommerce opens state-of-the-art parcel hub in UK to support growth of online businesses
Senior Aerospace UPECA and DHL contribute to more sustainable air freight with SAF
DHL eCommerce enters Saudi Arabian market by acquiring equity stake in parcel logistics company AJEX