The AP Moller – Maersk Group (OMX: MAERSK A, OMX: MAERSK B) first half 2011 revenue increased to nearly 30 billion USD on higher oil prices and container volumes. Profit for the period grew by 8% to 2.7 billion, which included 0.7 billion Netto Foodstores Limited divestment gain. The shipping market has struggled but terminals and oil related businesses delivered good numbers.
Expectations for 2011 are still for a lower result than in 2010. Global demand for seaborne containers is expected to grow by 6-8% and newbuilds coming into service are expected to more than offset the growth of freight volumes. This should mean continued pressure on freight rates.
Oil and gas activities segments expectations are for a level on par with 2010 results, using 105 USD per barrel oil price as base. The numbers are subject to ”considerable uncertainty” due to global economic development and fluctuations in the price of oil. The stock is up slightly. Full report is here.
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