Deutsche Post hikes targets again as trade rebounds

Deutsche Post hikes targets again as trade rebounds

German logistics company Deutsche Post DHL (DPWGn.DE) increased its forecast again on Thursday for short- and medium-term profits as global trade recovered andpandemic-driven e-commerce shipments stabilised at a high level as stores reopened.

Deutsche Post increased its forecast for 2021 operating profit to more than 7.7 billion euros ($8.92 billion) from a previous target of more than 7 billion, and for 2023 to more than 8 billion euros from more than 7.4 billion.

Deutsche Post, one of the world’s biggest logistics companies, had already flagged that it would increase its outlook when it published preliminary third-quarter results last month.

On Thursday, it confirmed that quarterly earnings before interest and taxes (EBIT) jumped 29% to 1.8 billion euros, while revenue rose 24% to 20 billion euros.

“The prospects for Deutsche Post DHL Group’s future development remain positive: global trade returns to its old strength. Online shopping is maintaining its new higher level,” Chief Executive Frank Appel said in a statement.

($1 = 0.8633 euros)