Deutsche Post hikes targets again as trade rebounds

A DHL delivery package is seen in the new DHL Express hub near Paris

BERLIN (Reuters) -German logistics company Deutsche Post DHL increased its forecast again on Thursday for short- and medium-term profits as global trade recovered and pandemic-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)

(Reporting by Emma ThomassonEditing by Riham Alkousaa and Maria Sheahan)