A considerable year-on-year turnaround has seen A.P. Møller-Maersk post much-improved results for the first quarter of the year, with net profit standing at just over €462m (US$639m), up from a loss of €282m (US$373m) in the same period of 2009.
Revenue for the three-month period ended 31 March 2010 climbed from €8.4bn (US$11bn) to €9.5bn (US$13.2bn), the Danish group said, while cash flow from operating activities rose to €1.5bn (US$2bn) from €1.4bn (US$1.9bn) last year.
According to a Maersk statement, growth was driven by increasing volumes in container activities, primarily consisting of Maersk Line, which carried 20 per cent more containers compared with the first quarter of 2009 and produced net profits of €133m (US$168m) on revenue of €4.5bn (US$5.75bn).
Other major factors behind the turnaround were increasing freight rates and higher average oil prices, the group noted.
'Markets have improved, and our efforts are paying off,' said group CEO Nils Andersen. 'We expect an improved result compared to earlier expectations of a modest profit, mainly because of the recovery in our container business, which is now expected to post a profit in 2010.
It was not all positive news, however, as Maersk's tankers, offshore and other shipping operations turned out negative results, prompting the group to maintain its cautious outlook for the rest of 2010.
'Due to the development in the global economy, especially in the second half of the year, there is still uncertainty in how the volumes and the rates will develop the rest of the year,' Mr Andersen added. 'But we will continue to improve our competitiveness, and we are ready to seize opportunities that arise in the wake of the crisis.'
