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Maersk Group Records $933m Q3 Profit

21 Nov 2012

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Maersk Group of Companies has announced a profit of $933 million for the third quarter ended September 31, 2012, indicating an increase of $562 million over $371 million recorded in the corresponding period of 2011.

Also, the group’s cash flow from operating activities stood at $2.9 billion, as against $2.1 billion in 2011, while cash flow used for capital expenditure indicated $678 billion over $4.8 billion achieved in previous quarter. Moreover, the group’s equity ratio was 52.2 per cent for the quarter under review, as against 51.9 per cent last year, while net interest-bearing debt showed $14.8 billion over $14.5 billion for previous year.

The company’s return on invested capital also increased by 8.3 per cent, as against 4.9 per cent in 2011. The third quarter result was better than expected, particularly in Maersk Line and Maersk Oil, while the result was negatively affected by vessel impairments of $267million on some of Maersk Tankers’ crude and product tanker segments.

Group Chief Executive Officer, Nils Andersen, made  said, “we deliver a good result for the quarter considering the challenging economic environment. Thanks to our rate initiatives and cost reductions, Maersk Line is back in black figures year-to-date, and the high oil price supports a satisfactory result for Maersk Oil. We are expanding our terminals network in Latin America, Russia and other growth markets and expect our strategic initiatives to support both our returns and earnings stability as we move forward.”

According to him, Maersk Line’s profit for the period was 498 million, with an average rate increase of 5.7 per cent over the previous year.

Tags: Business, Nigeria, Featured, Maersk Group

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