Deutsche Post DHL net profits fall 5.9 percent as tougher economy slows freight revenues

Mail and freight company Deutsche Post DHL says net profits fell 5.9 percent in the first quarter as a slower economy hurt freight revenues.

The company also had a large one-time gain in the year-ago quarter from selling its Postbank business to Deutsche Bank.

Net profits fell to 498 million euros ($647 million) from 529 million euros a year earlier. Revenues rose 0.6 percent to 13.44 billion euros.

The company said Tuesday its global freight business saw slower demand but that its parcel business based in Germany, where it delivers the mail, helped support earnings.

The Postbank sale added 186 million euros in the first quarter a year ago.