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Shipper Moller-Maersk sees Q1 profit jump 30 pct

By WTOP Staff

COPENHAGEN, Denmark (AP) — Denmark’s shipping and oil group A.P. Moller-Maersk says it recorded slight growth in first-quarter sales but net profit jumped more than 30 percent, mainly because of a $2.8 billion gain in selling a majority stake in its retail business and lower freight costs.

The Copenhagen-based group said Wednesday that revenue in the period increased to $11.7 billion from $11.6 billion a year earlier. Net profit was $2.1 billion.

CEO Nils S. Andersen said he was satisfied with the result despite reduced profit in the drilling sector, adding that full-year profit was expected to be about $4 billion, up from $3.8 billion in 2013.

Maersk shares rose more than 3 percent to 13,780 kroner in morning trading in Copenhagen.

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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