Mærsk Q1 result down

A.P.Møller-Mærsk pessimistic for the rest of 2012

News in English

A.P. Møller-Mærsk came out of the First Quarter of 2012 with a pre-tax profit f DKK8.4billion, just under half of the pre-tax profit in the same quarter in 2011.

Revenues in the period were at DKK81.3billion compared to DKK79.1billion in 2011, or an increase of three per cent.

Profit for the period was at DKK6,6billion compared with DKK6,3billion in the First Quarter 2011.

Forecasts for the year 2012 are slightly lower than 2011.

“The A.P. Moller - Maersk Group expects a result for 2012 slightly lower than the level reported in 2011….The outlook for 2012 is subject to considerable uncertainty, not least due to developments in the global economy,” the company says in its interim report.

Mærsk Line – which represents some 42 per cent of revenues in the Group - returned a loss of DKK3.4billion in the First Quarter compared to a profit in the same quarter in 2011 of DKK2.5billion. Despite an 18 per cent increase in volume, rates were down some nine per cent.

“Maersk Line expects a negative up to neutral result in 2012, based on the assumption that the rate restoration that has taken place since March 2012 will continue,” the company says, adding that overall global demand for seaborne containers is expected to increase by 4-6% in 2012.

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