May 17, 2020

Maersk CEO on Q1 net profit increase of 51 percent

Energy
Financial results
Maersk
Shipping
Freddie Pierce
1 min
Net profit rose to $1.207 billion
Follow @SamJermy Follow @SupplyChainD Danish supply chain giantMoller-Maerskreported a first-quarter net profit above forecast thanks to doubling of p...

 

Danish supply chain giant Moller-Maersk reported a first-quarter net profit above forecast thanks to doubling of profit in container shipping business Maersk Line.

Net profit rose to $1.207 billion, well above analysts’ forecasts which were closer to the $1 billion mark.

CEO Nils S. Anderson said: “The Group delivered a satisfactory result for the first quarter. Net profit improved by 51 percent driven by all five business units except for Maersk Drilling, which delivered as expected in a quarter with two yard stays and intake of two new rigs.

“Maersk Oil continued production increase with Gryphon and El Merk returning to full production. APM Terminals increased volumes and Maersk Line was positively influenced by high utilisation and continued cost reductions.

“Also Services & Other Shipping delivered in line with expectations and overall, we can be satisfied with the progress made in Q1 towards our strategic ambitions."

Watch a full interview and see a complete breakdown of the improved performance can be found via Maersk at:http://preview.thenewsmarket.com/Previews/MAER/DocumentAssets/330908.pdf

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