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Deutsche Post CEO Sees Early Signs Of Recovery - January 26, 2010
[Reuters
.]Deutsche Post DHL's chief executive expects the global economy will continue on its recovery path this year, given early signs of a pickup in demand for the shipment of goods.
"We cannot say much until goods start shipping, but from what I hear from customers ... I am optimistic for recovery," Frank Appel said at a media conference on Monday.
Deutsche Post offers international freight forwarding and express delivery services, handles the supply chain for companies and dominates Germany's letter mail market.
Shipping companies around the world were hit by the global economic crisis as trade volumes collapsed. So far, the economies of Asia and Latin America are largely improving faster than those in the rest of the world.
"In Asia, where recovery seems to be taking place first, we will benefit due to our footprint there," Appel said.
Deutsche Post generates about an eighth of its revenues in the Asia/Pacific region.
The company is competing with U.S. rivals FedEx and United Parcel Service to expand its express delivery operations in Asian countries such as China, where rising global trade drives demand for logistics services.
Appel also affirmed Deutsche Post's 2009 outlook, which sees adjusted earnings before interest and tax (EBIT) of at least 1.35 billion euros ($1.91 billion).
"For sure we will meet our guidance that we gave the market," Appel said. Deutsche Post is due to publish its 2009 earnings on March 9.
On Saturday, finance chief Lawrence Rosen said the company would unveil a new finance strategy that day.
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