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The first-quarter (Q1) results of DHL Global Forwarding, Freight (DGFF) were simply outstanding. Never, in recent memory, has the air freight market leader by volumes achieved such a solid quarterly performance on so many levels, with record operating income, or ebit, of €100m.

One obvious caveat, however, is that its headline numbers were likely propped up by IFRS-induced accounting changes, while it also got a little bit of help from currencies. But so what?

(Source DP-DHL)

The improvement was so significant ...

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