DEUTSCHE POST REPORTS 21% RISE IN PROFIT
Deutsche Post World Net said net income increased 21 percent to 1.1 billion euro ($996 million) in 1999 on a 52-percent jump in revenue to 22.4 billion euro.
Sales last year included the integration of Deutsche Postbank, the retail banking chain, and Swiss logistics provider Danzas. Deutsche Post expects sales to grow to more than 30 billion euro this year from continued acquisitions, including the purchase of U.S. forwarder Air Express International.
Mail revenue in 1999 increased 3 percent to 10.2 billion euro. Express package delivery sales rose 27.8 percent to 4.6 billion euro. Logistics sales, including Danzas' business, totaled 4.2 billion euro.
The company spend about 5 billion euro on acquisitions last year.
Deutsche Post chairman Klaus Zumwinkel said he does not expect a European Commission investigation to disrupt the company's initial public offering plans. The widely anticipated IPO is being tentatively planned for November, he said.