ITF Unions in Maersk
Maersk profit up 37 per cent
3 September 2008
AP Moller-Maersk made a profit of US$ 2.4 billion in the first half of 2008. The company profits from rising oil prices. But the container division is also improving.
The Danish-based transnational is very satisfied with the result of the first half of 2008. The company’s newly released interim financial report showed that Maersk’s net profit increased by 37 per cent compared to last year.
Maersk’s expected net result for 2008 in now $4 to 4.6 billion.
The world’s biggest containerline, Maersk Line, showed a loss of $82 million, but this is still considerably better than last year. The container business as a whole was profitable due to sales. The division reported a post-tax profit of $73m.
The fast growing APM Terminals has been very successful and has tripled its net profit to $178 million. The net profit for tankers, tugboats, offshore and other shipping activities increased by 24 per cent.
The most proftable business for the company remains the oil and gas division where the net profit of $1.3 million was considerably above that of the same period of 2007, largely due to increasing oil prices.
Group CEO Nils S Andersen commented: “We are pleased with the improved results for the first six months of 2008 and that we are making progress in all our major business activities. The container business has managed to marginally improve results at a time of difficult market conditions. However, the world’s current economic situation mixed with high bunker prices and new container tonnage, is putting severe pressure on our container business’ profitability and we expect this situation to continue for the rest of the year.”
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