Deutsche Post, Europe's biggest mail and express delivery company, reported earnings on Tuesday that narrowly missed analysts' expectations and gave a downbeat assessment of the business going into next year.
Third -quarter revenue came in at 13.5 billion euros, against estimates of 13.96 billion euros in a Dow Jones poll. Net profit also missed expectations with a figure of 399 million euros, versus expectations of 411 million euros. Operating profit - earnings before interest and tax - did beat estimates, however.
Frank Appel, CEO of Deutsche Post put the miss down to fluctuations in foreign exchange interest rates and said the company had a "solid quarter".
"We are happy with the quarter," he told CNBC Tuesday. But he gave a dour view of the postal industry going forward.
"Overall we haven't seen a recovery for the world yet....we have to wait in the next months. So I'm not really an optimist yet" he said.