A Multi-billion-euro Change Of Course For Dpwn

摘要

Deutsche Post World Net reported third-quarter net profit down 10.9% y-o-y to €254 million, as total revenues rose 4.1% to €13.80 billion. For the first nine months of 2008, DP's net income was down 15.7% to €661 million, while revenues were up 2.3% to €40.45 billion. Part of the apparent improvement in third quarter performance (insofar as an 11% drop in net income is an improvement) is the result of a €572 million repayment from the European Union which was found to have unfairly fined DPWN in an illegal state aid case several years ago. That one-time benefit was credited to the company's mail division in the third quarter. Absent the repayment, the Mail Division would have reported a 6.3% decline in operating profit rather than the 176.7% gain shown in the chart.