Moller-Maersk profit up 19.1%

DANISH shipping and oil group AP Moller-Maersk says its first-quarter profit increased by 19.1 percent to $253 million (R3.42 billion), partly thanks to an improvement at the energy division. Revenue of $8.96bn was just higher than in the same period a year earlier. Chief executive Soeren Skou said the Maersk Oil unit delivered strong earnings, but the core shipping business, Maersk Line, dropped to a $66m loss in the first quarter, mainly due to an 80 percent increase in bunker prices. Skou said “we reiterate our guidance for the year,” saying the Copenhagen-based group expected its underlying profit above the 2016 result of $11m. Maersk shares rose nearly 2 percent to 11.870 kroner (R23.50) in morning trading in Copenhagen. – AP

JAPAN