“Weakening trade volumes on China in- and out-bound lanes had a negative ebit impact of €60m-€70m, c.16% of ebit in February. Management indicated trade volumes are now slowly recovering, but that the full impact can not yet be quantified. We have lowered FY20e underlying ebit by 4% to €4.7bn, vs. €5.0bn target, assuming slower mid-single digit DHL growth & P&P recovery on track, and cut reported ebit by 11% to …
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Source: The Loadstar
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