November 12, 2009
Red ink at Maeresk
Shares of A.P. Moller Maersk fell on the Copenhagen stock exchange today as the group reported even more disappointing results for the third quarter than analysts had expected. The A Share was down 6.54 percent by 2.00 PM localtime and the B Share by 6.12 percent. (Click on the links for updated quotations).
For the nine months ended September 30, the group reported a loss of $706 million compared to a profit of $ 3.6 billion in the same period last year. The third-quarter result was a loss of $166 million, including impairment losses of $96 million.
The Group say that the outlook for the full year is a loss of $1 billion, making this Maersk's first-ever loss making year.
"As expected, the A.P. Moller - Maersk Group was still negatively affected by the challenging market conditions in the third quarter of 2009, particularly in the markets for the Group's container vessels and tankers. The strong focus on reducing the level of costs continues to yield positive results, and with sales of treasury shares and issuance of bonds we have taken steps to strengthen the A.P. Moller - Maersk Group's robust financial basis and long-term funding position," says Nils Smedegaard Andersen, Group CEO.
Detailed results HERE