COPENHAGEN--A.P. Moller-Maersk A/S (MAERSK-B.KO) Tuesday raised
its forecast for full-year net profit as the Danish group's
container-shipping arm swung back into the black in the second
quarter on a rise in freight rates, partially offsetting worse
performances at its oil and terminals units which left net profit
19% lower.
Maersk has raised its 2012 net profit expectation to "slightly
above the result for 2011". It had previously forecast its bottom
line would be slightly lower than last year.
Maersk's net profit fell to 5.26 billion Danish kroner in the
quarter from DKK6.54 billion a year ago though that figure included
a $700 million gain from the sale of a UK supermarket chain. An
average of 10 analysts polled by Dow Jones had forecast
second-quarter net profit at DKK5.56 billion.
The company attributed its more upbeat view to a marked
improvement in shipping rates, which helped the wholly-owned Maersk
Line, the world's largest container-shipping company, swing to
second-quarter net profit of $227 million, from a year-earlier net
loss of $95 million. The division reports in dollars.
Maersk Line now expects "a modest positive result in 2012,"
compared with previously a "negative to neutral result," the
company said.
Global demand for container capacity is seen to rise by 4% in
2012, underpinning improved shipping rates, Maersk said.
Still, the Danish group cautioned that its outlook is subject to
"considerable uncertainty, not least due to developments in the
global economy" which will have an impact on the volume of goods
carried by Maersk's container ships.
Maersk said revenue rose 11% in the quarter to DKK88.82 billion,
driven largely by the improvemen at Maersk Line which helped offset
lower output from oil and gas division Maersk Oil. The figure
missed slightly analysts estimate of DKK90.02 billion.
-Write to Flemming Emil Hansen at
flemming.hansen@dowjones.com
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