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Thursday, November 05, 2009
Loss-making Deutsche Post Ups 2009 Target
By Steve Goldstein
MarketWatch Pulse
LONDON -- Deutsche Post said it's raised its annual earnings outlook after losing 83 million euros ($123 million) in the third quarter on charges over Arcandor's insolvency, the lower valuation of put options on Deutsche Postbank and year-earlier E.U. state aid repayments. It had earned 879 million euros in the prior year third quarter. Revenue fell 19% to 11.2 billion euros, while its underlying EBIT fell 10% to 378 million euros. Analysts polled by Dow Jones Newswires had expected a loss of 68 millino euros on revenue of 11.81 billion euros. The group now expects underlying EBIT of at least 1.35 billion euros on the year, as opposed to a previous target of 1.2 billion euros, and it still expects a profit for 2009.
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