Picture: DEUTSCHE POST
Picture: DEUTSCHE POST

Frandfurt  — Deutsche Post on Tuesday became the latest company to abandon its profit goals for the year.

The German multinational package delivery and supply chain management company withdrew its 2020 guidance, saying the situation had worsened in March when all its divisions were affected by shudowns due to the global spread of the pandemic.

The company said the coronavirus shutdowns had caused its business to drop below internal forecasts by €50m  in February and by €150m in March, forcing it to  scrap its  guidance for the year.

Group earnings before interest and taxes are expected to be about  €590m in the first quarter, it said, adding that it plans to disclose quarterly earnings on May 12.

Deutsche Post reiterated its guidance for 2022 of achieving group EBIT of at least €5.3bn.

The company also said it will postpone its annual general meeting, which was due to be held on May 13, to a later date. A virtual meeting will be held instead, it said.

Reuters