Deutsche Post confirms targets after 'moderate' Q1

German postal and logistics giant Deutsche Post said Tuesday it is sticking to its full-year earnings targets despite only a "moderate" start in the first quarter.

"Although Deutsche Post DHL expects global growth to be moderate at best in 2015 and continues to make substantial investments in its long-term success, the group has confirmed its targets," the company said in a statement.

Underlying or operating profit was projected to increase to between 3.05-3.2 billion euros ($3.4-3.6 billion) in 2015, it said.

And for 2016, the group reconfirmed its forecast of a rise in operating profit to 3.4-3.7 billion euros.

"Deutsche Post DHL continues to forecast that operating profit will increase by an average of more than 8.0 percent annually during the period from 2013 to 2020," it said.

In the first three months of this year, Deutsche Post DHL said that net profit fell by 1.4 percent to 495 million euros, operating profit slipped by 1.0 percent to 720 million euros while revenues grew by 8.8 percent to 14.767 billion euros.

"We saw a moderate start to the year, as we expected," said chief executive Frank Appel.

He attributed the decline in profits to restructuring costs.

"We are now consciously undertaking a number of specific measures. We are investing significantly ... even though this is having a temporary impact on our performance. Our overarching focus today is on the sustainable, profitable growth of our business," Appel said.