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            november 15, 2019

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Maersk Group profit up 42pc


Maersk Group, parent of the world's biggest container shipping line, posted a 42 per cent year-on-year second quarter profit increase to US$2.4 billion, drawn on a 2.3 per cent more revenue with no sales figures provided.
"The group achieved a very satisfactory result for first half of 2014 with underlying profit mainly driven by Maersk Line, APM Terminals and Maersk Oil," said CEO Nils Andersen.
"As a result of the good progress in challenging markets, we upgrade the outlook for the group result to be $4.5 billion for 2014," he said.
"Due to the current strong financial situation, the board has decided to buy back shares of $1 billion within the coming 12 months," said Mr Andersen.
The quarterly result was helped by the $2.8 billion gain from the sale of the majority share of Dansk Supermarked Group, Denmark's biggest retailer with 43,000 employees.
But this gain was partly offset by impairments of $1.7 billion on Brazilian oil assets due because of disappointing exploration and appraisal results, plus mounting project costs.
Maersk Line made a profit of $547 million despite 2.7 per cent lower total revenue per FEU. This was achieved through 4.4 per cent lower unit costs, higher fuel efficiency and a volume increase of 6.6 per cent to 2,396,000 FEU.
The big quarterly development was Maersk's decision to join CMA CGM in a 10-year vessel sharing agreement to improve network efficiencies, increase port coverage and frequency on east-west trades.
APM Terminals (APMT), said the group statement is on track to contributing $1 billion net profit by 2016.
APM Terminals' growth focus remains on emerging markets where more than 80 per cent of EBITDA is generated today, it said. APMT has noted a strong interest for terminal projects to an extent that winning bids seem uneconomical.
APMT will continue to focus on expanding its global terminal network where profitable and will build on its present positions through investments in adjacent port activities, according to Shipping Gazette.

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