Maersk has announced its financial results for Q1, 2015, where it delivered a profit of US$1.6bn, positively impacted by an after tax gain from the sale of shares in Danske Bank of $223 million.
PTI previously reported that the container shipping giant had announced a $15 billion capital investment programme in a bid to spend more on container ships and operational equipment.
The underlying profit increased by 18% to $1.3 billion and the return on invested capital was 13.8%.
Nils Anderson, CEO of Maersk Group, said: “The Group continued to deliver a strong performance in the Q1, 2015, achieving a very satisfactory result of $1.6 billion.
“In a quarter impacted both by low oil prices and low economic growth, the underlying profit increased by 18% to $1.3 billion, mainly driven by Maersk Line, Maersk Drilling and APM Shipping Services, whereas Maersk Oil and APM Terminals were impacted by lower oil prices and lower volumes in oil dependent markets.
“All businesses affected by low oil prices launched cost initiatives to safeguard long term profits and competitiveness. Based on the performance in Q1, the Group now expects an underlying result of around $4 billion for 2015.”
The Group’s revenue decreased by $1.2 billion, predominantly due to lower oil price, and operating expenses decreased by $744 million, mainly due to lower bunker prices.
Tax decreased by $773 million, primarily as a result of the lower oil price as well as a $170 million deferred tax income as a consequence of the lowered tax rate on oil activities in the UK.
Maersk’s container line unit, Maersk Line, had recently been ranked number one for average on-time shipping performance under Drewry’s container shipping report.
Maersk Line has also recently announced that it will be purchasing ten 20,000 TEU ships in a bid to boost its portfolio of container mega-ships.