Maersk Group profit cut by oil prices to $224 millionStaff writer ▼ | May 4, 2016
The Maersk Group delivered a profit of $224 million ($1.6bn) and an underlying profit of $214m ($1.3bn).
Maersk Low average container freight rates
The underlying profit was significantly lower than same period last year due to all businesses except Maersk Drilling, Maersk Tankers and Damco being lower and Svitzer being at the same level.
"The Maersk Group delivered an underlying profit of $214m in the first quarter. While market conditions remain challenging, we continue to adjust our cost base to the new conditions and maintain a good operational performance across our businesses.
"We maintain our focus on strengthening the Group’s position in the market and have completed acquisitions within APM Terminals and Maersk Oil, and in Maersk Line we have defended our market leading position," says Group CEO Nils S. Andersen. ■