Deutsche Post Income Falls 18.4%

Deutsche Post World Net posted net income of 407 million euros ($628.9 million) for the first quarter, a decrease of 18.4% from 481.9 euros ($784.9 million) in the prior year.

The privatized state postal corporation attributed this in part to ’non-recurring expenses at Deutsche Postbank tied to the crisis on the financial markets.”

The organization reported revenue of 15.7 billion euros, ($24.3 billion) for the quarter ended March 31, a 1.8% increase over 15.4 euros ($23.8 million) last year.

Deutsche Post’s mail division reported revenue of 3.9 billion euros ($6 billion) in its mail division for the quarter , a 1.4% decrease from 4 billion euros ($6.1 billion ) in the prior year

Management attributed this to intensified competition in mail delivery in the German postal market was fully liberalized at the start of this year.