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Danish shipping and oil conglomerate AP Moeller-Maersk reported yesterday a 62% rise in quarterly profit as it shipped more containers but for a lower average price.
Net profit for the group rose in the first three months of the year to $1.15bn from $710mn, beating a Dow Jones analyst consensus of $1.05bn, as earnings from container shipping line Maersk Line more than doubled to $454mn.
Revenues climbed 0.9% to $11.736bn, falling slightly short of an analyst consensus of $12.0bn.
Maersk Line reiterated that global demand was expected to grow by four to five%, but said it now believes its annual results will beat last year’s due to “improved operational performance and utilisation”.
The Maersk group, which in January sold its supermarket business for a gain of $2.6bn, raised its guidance for annual profit excluding discontinued operations, impairment losses and divestment gains to $4.0bn from $3.6bn.
With a 15% market share in global container shipping, the company is considered a bellwether for international trade.
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