Maersk lifts forecast after posting profit

first_imgWednesday 18 August 2010 8:10 pm Maersk lifts forecast after posting profit MOLLER-MAERSK, the shipping and oil conglomerate, raised its outlook for the year yesterday after swinging back into half-year profit, on the back of increased volumes and a sharp rise in the price of crude oil. The Danish group said it now stands to make in excess of $4bn (£2.6bn) after tax in 2010, following a pre-tax profit of $4.8bn in the six months to July.An eight per cent surge in Asian exports to Europe, as well as a pick-up in transatlantic routes, further boosted profits for the bellwether transportation group, which posted a pre-tax loss of $1.31bn last year. And air freight revenues rose 46 per cent from what the firm said were low levels, in a sign international trade is picking up pace. However, chief executive Nils Smedegaard Andersen sounded a note of caution over the strength of the recovery. “The market has normalised in terms of both demand and capacity, but the question remains if we’ll see consumption pick up in Europe and the US to drive the market. That hasn’t changed for the past three quarters,” he said yesterday. Maersk said its drilling business still faces “considerable uncertainty”, but posted a pre-tax profit of $3bn on oil operations thanks to a 48 per cent rise in the price of Brent crude. The company also hopes to make $796m from its sale of its UK branches of Netto to Asda, expected to close later this year. whatsapp Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofTortilla Mango Cups: Recipes Worth CookingFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofWhat to Know About ‘Loki’ Ahead of Disney+ Premier on June 9Family ProofCheese Crostini: Delicious Recipes Worth CookingFamily Proof KCS-content center_img Show Comments ▼ Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailUndoNoteabley25 Funny Notes Written By StrangersNoteableyUndoZen HeraldThe Truth About Why ’40s Actor John Wayne Didn’t Serve In WWII Has Come To LightZen HeraldUndoBetterBe20 Stunning Female AthletesBetterBeUndoautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comUndoAtlantic MirrorA Kilimanjaro Discovery Has Proved This About The BibleAtlantic MirrorUndoTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastUndoElite HeraldKate Middleton Dropped An Unexpected Baby BombshellElite HeraldUndoTrading BlvdThis Picture of Prince Harry & Father at The Same Age Will Shock YouTrading BlvdUndo Tags: NULL Share whatsapplast_img

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