Danish group AP Moller-Maersk has announced that year-on-year profit for the first half of 2008 increased by 58 per cent, up to €1.67bn from €1.05bn the previous year.
In the company's 2008 interim results, it was revealed that group revenue increased by 30 per cent to €20.7bn due to 'significantly higher' oil prices, as well as higher freight rates and volumes in container activities.
Cash flow from operating activities increased by 49 per cent to €3.1bn, mainly due to improved earnings in oil and gas activities.
The group's shipping sector Maersk Line transported 3.1m forty-foot equivalent units (FEUs), an increase of 4 per cent compared to the same period in 2007, with trade volumes between Asia and Europe increasing by 1 per cent.
Additionally, Maersk Line completed its reorganisation process in May, with a reduction of over 3,000 positions. 'This has resulted in a more responsive and flexible frontline organisation with higher authority,' said AP Moller-Maersk CEO Nils Smedegaard Andersen.
In the group's outlook statement for the full-year, Maersk estimated that overall group profit will hit €2.7bn-€3.1bn with revenues of €44.3bn.
