Deutsche Post profit hurt by virus, EV subsidiary
Deutsche Post AG said Tuesday that first-quarter net profit fell as the pandemic continued to hit business throughout the period, and due to a negative performance in its electrical-vehicle business.
The German freight-and-logistics group said quarterly net profit was 301 million euros ($325.8 million), compared with EUR746.0 million a year earlier.
Revenue rose 0.9% year-on-year to EUR15.49 billion.
Earnings before interest and taxes were EUR592 million, slightly above the EUR590 million estimated by the company early last month. The result included a EUR210 million hit from the pandemic and came in 49% lower than the year-earlier figure, the company said.
Deutsche Post said its electric-vehicle-manufacturing business StreetScooter had a negative impact on quarterly earnings.
Matteo Castia
Source:marketwatch.com
