Online shopping delivers strong 2016 for Deutsche Post

Online shopping helped boost profits last year at German logistics group Deutsche Post, while the owner of the DHL express delivery firm said Wednesday that improved efficiency should ensure further gains this year.

The Bonn-based firm increased net profit by 71.4 percent to 2.6 billion euros ($2.75 billion), on slightly lower revenues of 57.3 billion. Operating, or underlying profit increased almost 45 percent, to 3.5 billion euros, meeting its own and analysts' forecasts.

Although Deutsche Post anticipates only "moderate growth" in the world economy this year, it hopes to increase earnings "significantly" as it continues with an efficiency drive.

"We are in an excellent position to maintain our profitable growth" thanks in large part to online shopping, chief executive Frank Appel said in a statement. With its DHL division competing against American firms like FedEx and UPS, Deutsche Post continued to reap the benefit of consumers' love of online shopping and expanding appetite for its express delivery services.

Over the year, the eCommerce and parcels unit saw double-digit revenue growth of 11.2 percent, while express delivery added 6.3 percent.