UPDATE: Deutsche Post Echoes '09 Adjusted EBIT View, Meets '08 Aim

Postal and logistics giant Deutsche Post (DPW.XE) Monday reiterated it expects calendar 2009 adjusted earnings before interest and taxes to grow on the year and said it met its 2008 adjusted EBIT guidance.

The company said full-year adjusted 2008 EBIT was just above the forecast EUR2.4 billion in light of strict cost management and cash conservation.

The company added that it won't be able to give further 2009 guidance before the end of the first quarter, but expects tough conditions to continue in 2009.

Deutsche Post's reported EBIT is a loss due to large non-recurring charges related to restructuring of the U.S. express operations and write-downs on goodwill an intangible assets.

The Bonn, Germany-based company said its 2008 reported EBIT deficit was significantly less than EUR1 billion.

The former state monopolist added that the negative effects were offset by a repayment from the German government after successful E.U. state aid proceedings.

Deutsche Post is one of the largest express and logistics companies and competes with the likes of TNT NV (00906.AE), FedEx Corp. (FDX) and United Parcel Service Inc. (UPS). Over the past 12 months, Deutsche Post's shares lost around 55% of their value to EUR9.42 on Friday's close, underperforming the German blue-chip index DAX which has fallen by around 45%.

Company Web site: www.dpwn.com

-By Hilde Arends, Dow Jones Newswires; [phone]; [e-mail]

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