18
Aug
Maersk swings to half-year profit
The world's largest container shipping firm, AP Moller-Maersk,
has returned to profit in the first half of the year, thanks to a
recovery in container volumes.
The group reported a net profit of 14.15bn Danish kronor
($2.44bn; £1.57bn), with revenues up by 20%.
In the same period a year ago it had reported a loss of 3.02bn
kronor.
Meanwhile, DP World, the container port business owned by the
investment group Dubai World, also saw profits rise 10%.
DP World reported a first half net profit of $206m (£133m),
up from $188m in the first six months of 2009.
And it said it expected stronger results in the second half of
the year as its terminals benefit from "seasonal trade flows".
Improved outlook
Maersk said that the increase in revenue was "primarily as a result
of higher freight rates and volumes for the group's container
shipping activities as well as higher oil prices".
Maersk's oil and gas activities benefited from increased oil
prices, with the average crude oil price 48% higher than in the
first half of 2009.
The group also raised its outlook for the full-year.
It now expects profits for 2010 to exceed $4bn; in July it had
said it hoped to beat the $3.5bn it made in 2008.
Source: http://www.bbc.co.uk/news/business