Tuesday, February 26, 2013

Maersk Annual Profits Up

The AP Moller-Maersk Group says it recorded a profit of $4.0 billion in calendar year 2012, higher than the most recent announced outlook of around $3.7 billion, which had been forecast in November 2012.

The company’s profit margin was negatively affected by a decline in Maersk Oil’s share of production and impairment losses of net $405 million, of which $268 million was related to Maersk Tankers in the third quarter.

But that loss was countered by an $899 million settlement of an Algerian tax dispute in the first quarter of the year, according to the company, combined with improved volumes, rates and unit costs for Maersk Line.

“After a difficult start, Maersk Line improved its performance and the Group achieved a result above last year’s, both in terms of net result and in underlying performance,” Maersk CEO Nils Andersen said in a statement.

Regarding subsidiary companies within the company, Maersk Line earned a profit of $461 million, which was down from 2011’s $553 million; however, Maersk Oil’s profit of $ 2.4 billion was up $300,000 from the previous year. APM Terminals turned a profit also, earning $723 million, up from $648 million in 2011.