A.P. Møller-Maersk has released a financial statement outlining the fact that group profit for the first quarter (Q1) of 2011 rocketed up by 82 per cent on a year-on-year basis, hitting US$1.16bn (€808m) from US$639m (€445m) last year.
Revenue for the period increased by 10 per cent to US$14.5bn (€10.1bn), primarily the result of higher container freight rates, container volumes and oil prices, Maersk noted.
'We have had a good start to the year and are very satisfied with the results,' said group CEO Nils Andersen. 'Our businesses have performed very well, even as tanker rates have remained low and container rates have been decreasing during the period.
'In the past six months we have made significant investments in ships, terminals, drilling rigs and oil fields,' he added. ' These reflect our continued strong confidence in the long-term future of our markets and not least our ability to continue to compete successfully.'
Container activities made a profit of US$438m (€305m) for the quarter, climbing on the US$169m made in 2010, while the number of containers carried increased by 5 per cent to 184m FFE.
Terminal activities, meanwhile, turned in a profit of US$139m, with container throughput increasing by 8 per cent to 7.8m TEU.
Following the results, Maersk maintained its full-year outlook of a result lower than that achieved in 2010, including the US$700m gain from the divestment of Netto Foodstores, while the global demand for seaborne containers is expected to grow by 6-8 per cent.
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