A.P. Møller-Maersk has revealed improved profitability for the opening quarter of 2012, with net profit coming in at US$1.17bn (€913m), up 1 per cent from the US$1.16bn (€905m) recorded last year.
Revenue across all the company's operations fell by 1 per cent, down from US$14.5bn (€11.3bn) in 2011 to US$14.3bn (€11.2bn), while cash flow from operating activities stood at US$1.2bn (€937m), down from US$2.3bn (€1.8bn) last year.
By segment, Maersk Line suffered a dramatic slump, turning in a loss of US$599m (€467m) from a profit of US$424m (€331m) in the year-earlier period. Volumes climbed by 18 per cent, the group said, while average freight rates declined by 9 per cent.
APM Terminals saw a profit of US$235m (€183m), up from US$141m (€110m) last year, with overall throughput climbing 10 per cent despite a decline in Europe.
'Although most of our businesses deliver good results and the group's net result is on a par with last year, we are not satisfied with the group's operational performance for the first quarter,' noted Maersk CEO Nils Andersen. 'Earnings in shipping were weak due to the continued loss-making rates in the container and tanker markets.
'However, our efforts to increase container rates are paying off and we will continue our initiatives to improve rates throughout the year,' Andersen added.
In its 2012 outlook report, Maersk said that it expects end-of-year results to be below those reported in 2011, although it noted that there was considerable uncertainty due to developments in the global economy.
