Denmark: Maersk posts 30% profit rise

DANISH shipping and oil conglomerate AP Moeller-Maersk yesterday reported a rise in third-quarter net profit, buoyed by higher freight rates and container volumes. Net profit rose 30 percent to $1.465 billion (R16.4bn) above a $1.36bn consensus of analysts polled by Dow Jones Newswires, as revenue edged up 0.7 percent to $12.169bn. Maersk Line, seen as an international trade bellwether as it controls about 15 percent of global sea freight, raised its full-year profit guidance to above $2bn from the previously stated “significantly above” last year’s $1.5bn. “Global demand is currently being led by advanced economies while imports to emerging countries are slowing down,” the shipping group said. The shipping unit’s net profit rose by 23.6 percent to $685 million after it lowered costs and freight rates and volumes increased. – Sapa-AP