Maersk reports a strong first quarter

MAY 13, 2015 — Maersk Group delivered a first quarter profit of $1.6 billion ($1.2 billion in the equivalent 2014 quarter) positively impacted by a $223 million after tax gain from the sale of shares in Danske Bank A/S. The underlying profit
increased by 18% to $1.3 billion, mainly driven by Maersk Line, Maersk Drilling and APM Shipping Services.

Maersk Line achieved its strongest first quarter to date with an underlying profit of $710 million.

Maersk Oil and APM Terminals were impacted by lower oil price and lower volumes in oil dependent markets and all Maersk businesses affected by low oil prices launched cost initiatives to safeguard long term profits and competitiveness.

Calling the first quarter result “very satisfactory,” Group CEO  Nils S. Andersen said the Group now expects an underlying result of around $4 billion for 2015.

Though lower oil prices pushed Group revenue down by $1.2 billion, lower bunker prices were reflected in a $744 million decrease in operating expenses.

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