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Maersk's Profits Rise

by Ulrika Lomas, Tax-News.com, Brussels

27 November 2014


AP Moller-Maersk, the parent company of the largest container ship operator in the world, has announced an increase in its profits for the third quarter of 2014. It remains on course to realize a USD4.5bn profit this year.

The company's interim report for Q3 2014, published on November 11, shows that the group delivered a total profit of USD1.5bn in the three months to the end of September, USD300m higher than in the same period last year.

The Group's revenue increased by 0.7 percent, impacted by higher container volumes and freight rates as well as higher oil entitlement production, although this was partly offset by a lower average oil price.

The most profitable parts of the group were Maersk Line, Maersk Oil, and APM Terminals, which turned profits of USD685m, USD222m, and USD345m, respectively. Each were more profitable than last year, when they posted profits of USD554m, USD189m, and USD203m, respectively.

APM Shipping Services made a profit of USD119m in the third quarter, broadly in line with the USD114m reported for the same period last year.

Group CEO Nils S. Andersen said he was "very satisfied" with the third-quarter results. "Looking at the first nine months, the Group's underlying result has improved by USD729m, equaling 25 percent, compared to same period last year," he said. "We are well-positioned to take advantage of opportunities materializing in a volatile macroeconomic environment, and despite some caution in relation to the market outlook for the coming quarters, we maintain our outlook for the Group result to be around USD4.5bn for the year"

TAGS: marine

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