Maersk announce profit of $1.6 billion
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The world’s largest container shipping company Maersk has announced a profit of $1.6 billion, positively impacted by the sale of Danske Bank shares for $223 million. The underlying profit increased by 18% to USD 1.3bn (USD 1.1bn) and the return on invested capital (ROIC) was 13.8% (10.0%).
“The Group continued to deliver a strong performance in the first quarter of 2015, achieving a very satisfactory result of USD 1.6bn. In a quarter impacted both by low oil prices and low economic growth, the underlying profit increased by 18% to USD 1.3bn, mainly driven by Maersk Line, Maersk Drilling and APM Shipping Services, whereas Maersk Oil and APM Terminals were impacted by lower oil prices and lower volumes in oil dependent markets. All businesses affected by low oil prices launched cost initiatives to safeguard long term profits and competitiveness. Based on the performance in Q1, the Group now expects an underlying result of around USD 4bn for 2015,” says Group CEO Nils S. Andersen.
The Group’s revenue decreased by USD 1.2bn or 10%, predominantly due to lower oil price, and operating expenses decreased by USD 744m, mainly due to lower bunker prices. Tax decreased by USD 773m, primarily as a result of the lower oil price as well as a USD 170m deferred tax income as a consequence of the lowered tax rate on oil activities in the UK. The impact from the sharply appreciated USD was limited on the overall Group result due to the applied currency hedging policy as explained in the Annual Report.
In the video interview Group CEO Nils S. Andersen comments on the result and initiatives from the Group to ensure long term profits and competitiveness in the current low oil price environment. He also touches upon the Al Shaheen-field offshore Qatar, Maersk Line’s strongest 1st quarter ever and gives a status on APM Terminals.
VIDEO: Watch the CEO’s reaction on the results here:- http://www.maersk.com/en/the-maersk-group/about-us/year-in-review/2015/q1-2015-interim-report/maersk-group-ceo-comments-the-interim-report-q1-2015
