Danish shipping giant AP Moller-Maersk saw its revenue, in US$ dollar terms, increase by 28% in the nine months of this year, “mainly due to significantly higher average oil prices and a higher share of oil production, as well as higher freight rates and volumes in the container activities”. Net profit for the period was $3.6bn, compared to $2.6bn in the corresponding period of 2007.
Group CEO Nils Andersen said: “We are satisfied with the Group’s operating performance for the first nine months of the year with a net profit of $3.6bn - an improvement of 39% compared to the same period last year. The operating cash flow of $7.7 billion increased more than 30%.”
But he cautioned: “Over the autumn, the world has experienced significant financial turmoil which impacts the Group negatively through lower result from our ownership interest in Danske Bank, exchange rate adjustments and value adjustments of securities holdings. Our oil and gas activities were positively impacted by on average higher oil prices and higher share of oil production and we had high activity in the offshore businesses. The container business managed to deliver an improvement in the result at a time with severe pressure on rates, which is a good achievement. Going forward our focus will continue to be on optimising operations and successful implementation of our investment programme for 2009 preparing the Group to compete in the tough market environment which must be expected.”
Group CEO Nils Andersen said: “We are satisfied with the Group’s operating performance for the first nine months of the year with a net profit of $3.6bn - an improvement of 39% compared to the same period last year. The operating cash flow of $7.7 billion increased more than 30%.”
But he cautioned: “Over the autumn, the world has experienced significant financial turmoil which impacts the Group negatively through lower result from our ownership interest in Danske Bank, exchange rate adjustments and value adjustments of securities holdings. Our oil and gas activities were positively impacted by on average higher oil prices and higher share of oil production and we had high activity in the offshore businesses. The container business managed to deliver an improvement in the result at a time with severe pressure on rates, which is a good achievement. Going forward our focus will continue to be on optimising operations and successful implementation of our investment programme for 2009 preparing the Group to compete in the tough market environment which must be expected.”