Deutsche Post sees 3Q profits fall, cuts outlook

Deutsche Post AG slashed its earnings forecasts for both 2008 and 2009 on Monday, saying it expects pretax profit to fall 8 percent in the third quarter as the financial crisis takes its toll.

Separately, the mail and logistics company's Deutsche Postbank AG retail banking unit said it would raise capital by issuing new shares and said it expects a pretax loss of 449 million euros ($561 million) in the third quarter.

Parent company Deutsche Post forecast a roughly 8 percent reduction in earnings before interest and taxes "as the global economic environment deteriorated markedly."

It did not give an exact figure, but said last year's …