Deutsche Post Q2 net profit falls 71 pct to euro66M

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FRANKFURT -- German mail and logistics company Deutsche Post AG said Thursday its second quarter net profit fell 71 percent on weaker sales and one-time effects like bad debt, partly due to the insolvency of department store operator Arcandor AG.

Bonn-based Post, whose operations include global shipper DHL, said it earned euro66 million ($94 million) in the April-May period compared with euro231 million a year earlier.

Sales were down 17 percent to euro11 billion compared with euro13.3 billion last year.

Post said the results were weighed down by euro15 million in charges on bad debt related to the bankruptcy of retailer Arcandor. Deutsche Post worked closely with the company, providing deliveries for its mail order businesses.