AP Moller-Maersk's Q3 profit jumps 191 percent

AP News
Posted: Nov 09, 2012 3:24 AM

COPENHAGEN, Denmark (AP) — Danish shipper and oil group A.P. Moller-Maersk says its third-quarter net profit is up 191 percent to 5.6 billion kroner ($957 million) as container rates and other core businesses have improved.

The world's largest container shipping company says revenues for the three-month period were up 8 percent to 87.2 billion kroner ($15 billion) from the same period a year earlier. Last year's Q3 net profit was 1.9 billion kroner.

CEO Nils S. Andersen says they delivered "a good result considering the challenging economic environment," singling out high oil price, among others.

The Copenhagen-based group said Friday its outlook for 2012 financial year would be around $3.7 billion, slightly above the 2011 result.

Maersk shares dropped 1 percent in Copenhagen trading Friday morning to 39.720 kroner ($6,788).