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Maersk deficit of 1.9bn dollar in 2016

Maersk deficit of 1.9bn dollar in 2016

08-02-2017 08:15:00

A.P. Moller - Maersk delivered an loss of 1.9bn dollar in 2016, compared to a profit of 925m dollar in 2015. The result was negatively impacted by impairments in 2016 of 2.7bn dollar in Maersk Supply Service and in Maersk Drilling.

The post-tax impairments is primarily relating to Maersk Drilling of 1.4bn dollar and Maersk Supply Service of 1.2bn dollar.

The underlying profit of 711m dollar was in line with the earlier guidance. Compared to last year, the reduction in the underlying result was due to losses in Maersk Line and Maersk Supply Service and with lower underlying results in APM Terminals, Maersk Tankers and Svitzer, while Maersk Oil, Maersk Drilling and Damco recorded increased underlying profits.

Revenue decreased to 35.5bn dollar, compared to 40.3bn dollar in 2015, across all eight businesses, predominantly due to lower average container freight rates and lower oil price. Operating expenses decreased by 2.6bn dollar mainly due to lower bunker prices and focus on cost efficiency across all businesses.

For 2017, A.P. Moller - Maersk expect to deliver an underlying profit above 2016, with an improvement in underlying profit, of more than 1bn dollar in Maersk Line compared to 2016.

Source: A.P. Moller - Maersk

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