12 November 2014

[121114.EN.SEA] Maersk Group Quarterly Profit Up 25pc, Box Earnings Rise 23pc

AP MOLLER-MAERSK Group, the world biggest shipping company, posted a 25 per cent year-on-year third quarter underlying profit increase to US$1.3 billion, drawn on revenues of $12.1 billion, up .07 per cent.

"We are very satisfied with the result for the third quarter of 2014 where we achieved an underlying profit of $1.3 billion, driven by operational improvements in Maersk Line, Maersk Oil and APM Terminals," said group CEO Nils Andersen.

"Looking at the first nine months, the group’s underlying result has improved by $729 million equalling 25 per cent, compared to same period last year," he said.

"We are well positioned to take advantage of opportunities materialising 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 $4.5 billion for the year," Mr Andersen said.

Big profits were achieved for Maersk Line, Maersk Oil and APM Terminals while lower earnings were experienced at Maersk Drilling and APM Shipping Services, said the company statement.

Quarterly results were positively impacted by a $215 million after tax gain from divestment of APM Terminals Virginia, Portsmouth, and Maersk Drilling divesting the activities in Venezuela with a gain of $73 million after tax, however countered by impairments in APM Terminals of $74 million, the statement said.

Maersk Line, the container shipping segment, posted a 23.6 per cent year-on-year third quarter profit increase to $685 million, an achievement gained through cost cutting and increased freight rates.

"In line with the market Maersk Line increased volumes by 3.7 per cent versus Q3 2013," said the company statement.

Maersk Oil posted a 17 per cent increase in quarterly profit to $222 million, impacted by a four per cent increase in entitlement production versus Q3 2013 as well as lower exploration costs.

But this was partly offset by lower oil prices of $102 per barrel against $110 per barrel last year.

APM Terminals made a 70 per cent profit increase to $345 million. Impacted by divestment gains of $219 million after tax partly offset by impairments of $74 million. APMT volumes increased 4.4 per cent year on year to 9.7 million TEU.

Maersk Drilling posted 29 per cent profit increase to $192 million including a gain of $73 million after tax due to divesting the Venezuela activities.

Source : HKSG.

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