Dragged down by its sagging U.S. DHL operations and writedowns at its Deutsche Post Bank unit, Deutsche Post first-quarter profit fell 18 percent.

Net income declined to $629 million, the Bonn-based company said today.

U.S. Express operations are still "disappointing"' and Deutsche Post expects to present a turnaround plan for the unit on May 28, new Chief Financial Officer John Allan said today.

DHL refuses to comment about what that plan may be, but DHL insiders say the strategy includes closing facilities, moving some ground-segment volume to the U.S. Postal Service, focusing on major clients and increasing rates.

Michael Fabey / Traffic World