Deutsche Post announced a net profit of 644 million euros ($878 million) for 2009, despite the economic crisis. The news represented a significant improvement over the previous year, when the logistics group reported massive losses of 1.7 billion euros.

"We have successfully weathered the impact of the global financial crisis and exceeded our targets for 2009," CEO Frank Appel said.

Secret to success

However, the shipping giant, which also owns the DHL courier service, could not completely avoid the impact of the global crisis. Revenues were down 15.2 percent over the previous year, to 46.2 billion euros

Appel credited the profit, despite the financial crisis, to effective cost management.

"Thanks to strict cost management and the consistent implementation of our Strategy 2015, we are now able to benefit over-proportionally from the accelerating global economic recovery," Appel said.

The former mail monopoly's core earnings before interest and tax reached 1.47 billion euros, surpassing Deutsche Post's own prognosis of 1.35 billion euros made in November.

Deutsche Post is the world's largest logistics group. Headquartered in Bonn, Germany, the company has more than 470,000 employees in more than 220 countries and territories worldwide.

smh/AFP/Reuters
Editor: Jennifer Abramsohn