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Business

Deutsche Post Profits Plummet

Europe’s largest postal service, Deutsche Post, reported a third quarter drop in profits of 7.6 percent. Lower postal rates and declining interest income at its finance arm were to blame for a net income decline of €219 million ($250 million). German authorities forced Deutsche Post to cut its postage rates earlier this year, which cost the company €208 million ($239 million). CEO Klaus Zumwinkel insisted last week that his forecast for 2003 pre-tax earnings will exceed €2.9 billion, thanks to a cost-cutting program Deutsche Post has put into place. The program is expected to save the postal service €400 million.