AP Moller-Maersk’s Nine-Month Profit Hit by Energy Division Sales

Søren Skou, CEO of A.P. Møller - Mærsk A/S; Image Courtesy: Maersk

Danish conglomerate A.P. Moller – Maersk posted a nine-month loss USD 1.6 billion, sinking into the red from last year’s profit of USD 780 million.

The group’s loss includes the impact from discontinued operations and was primarily related to post-tax impairments of net USD 2.8 billion in Maersk Drilling, APM Terminals and Maersk Tankers countered by an increase in Maersk Line profit of USD 723 million.

Moller Maersk’s underlying profit for the period came at USD 270 million, against a loss of USD 245 million, mainly driven by an increase in Maersk Line of USD 687 million.

In the third quarter, the net loss including discontinued operations of USD 1.5 billion was negatively impacted by an accounting impairment of USD 1.75 billion in Maersk Drilling and impairments of USD 374 million in APM Terminals. The result from continuing operations was a loss of USD 120 million, widening further from last year’s loss of USD 30 million, with a decrease in APM Terminals of USD 398 million countered by an increase in Maersk Line of USD 336 million.

In Q3, the underlying profit was USD 248 million, with an improvement of USD 290 million in Transport & Logistics and a decline of USD 15 million in Energy.

“I am pleased with the agreements reached in Q3 for Total S.A. to acquire Mærsk Olie og Gas A/S and A.P. Møller Holding A/S to acquire Maersk Tankers A/S, which indicates a solid progress in the separation of the Energy businesses. Whilst solutions for Maersk Drilling and Maersk Supply Service remain to be defined before the end of 2018, the future Maersk will leverage even further its position of strength within Transport & Logistics.

The revenue in Transport & Logistics increased with 14% and was mainly driven by higher revenue in Maersk Line,”  Søren Skou, CEO of A.P. Møller – Mærsk A/S said.

Furthermore, Maersk Group announced that the Salling Companies will acquire the remaining 19% shares in the Dansk Supermarked Group, cashing in over USD 860 million from the sale.

The group now expects a positive underlying profit for 2017 against a loss of USD 546 million. As informed, the group’s Transport & Logistics arm now expects an underlying profit of around USD 1 billion and an improvement in Maersk Line of around USD 1 billion compared to 2016.

Share this article

Follow World Maritime News

In Depth>

Events>

<< Nov 2017 >>
MTWTFSS
30 31 1 2 3 4 5
6 7 8 9 10 11 12
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 29 30 1 2 3

Maritime Information Warfare 2017

Maritime Information Warfare will focus on the growing need for navies to develop their information exploitation capabilities…

read more >

INTERNATIONAL GREEN SHIPPING AND TECHNOLOGY SUMMIT

The Summit will gather key marine experts and companies around the globe which have a big influence in the industry…

read more >

The CWC 18th Annual World LNG Summit & Awards Evening

The CWC World LNG Summit will continue to give you access to premium networking opportunities as it brings together the who’s who…

read more >

Marintec China 2017

The largest maritime event in Asia Pacific, Marintec China connects maritime professionals from the entire shipbuilding supply chain together.

Over the years, Marintec China has grown to reflect the size and importance of the Asian maritime market. 2015 event is another record-breaking edition with the largest exhibition area and the highest number of industry professionals attending ever. The encouraging figures proven that China remains one of the major shipbuilding nations and Marintec China has been the most authoritative platform in Asia.

With the maritime industry facing great opportunities but also many challenges, it is important for the industry to connect and engage more to ultimately win new business in globally-significant markets. A visit to Marintec China is a great way to learn about the latest technology and innovation of the supply industry, a platform for industry professional to meet face to face, make connection and do business.

Marintec China is poised to be the definitive event and is undoubtedly a must-attend for all involved in the maritime industry.

Marintec China will be held from 5 to 8 December 2017 at the Shanghai New International Expo Centre in Shanghai, China and continue its dedication to serve as the “LEADING” platform “CONNECTING” the community and “STRENGTHENING” the maritime industry.

Marintec China offers the perfect opportunity for companies serving the maritime market to showcase their innovations, products and services to a wide audience. A platform for face to face meetings in business, creating new relationships and consolidating existing ones.

More info

read more >