BONN (dpa-AFX) - The sluggish economy and a normalization of the freight business weighed on logistics group Deutsche Post at the start of the year. Earnings fell after a record 2022, but less significantly than analysts had expected. Before interest and taxes (Ebit), the DAX-listed group earned just over 1.6 billion euros in the first quarter, almost a quarter less than a year earlier, according to an averages release Wednesday. However, it was possible to counteract the downturn to some extent with cost reductions and price increases, it added. Management confirmed its full-year forecast, according to which it expects to earn between six and seven billion euros from day-to-day operations in 2023.

The bottom line was a profit of 911 million euros for shareholders, around a third less than a year ago. Swiss Post presented its quarterly figures a day before its annual general meeting, at which Tobias Meyer is to be appointed as its new chief executive on Thursday. He succeeds Frank Appel, who led the Group for 15 years./lew/mis