Maersk upgrades after strong first half

Two large sales helped proceedings

What goes up, must come down … Especially in the Danish summer (photo: Pixabay)
August 19th, 2014 9:25 am| by admin
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Driven by strong results from Maersk Line, APM Terminals and Maersk Oil, Danish oil and shipping giant Maersk has increased its underlying profit by 42 percent to 13.33 billion kroner during the first half of 2014.

Nils S Andersen, the head of Maersk Group, was very satisfied with the results and revealed that the board will buy back shares worth 5.55 billion kroner within the coming 12 months.

“As a result of the good progress delivering on our group priorities and the solid financial performance across the group, which has been achieved in challenging markets, we upgrade the outlook for the group result to be around 25 billion kroner for 2014,” Andersen said in a press release.

READ MORE: Nobody's more disappointed in Brazil then Maersk (besides their national football team)

Not much samba
After a strong first quarter, Maersk enjoyed a turnover of over 66 billion kroner during the second quarter of the year and exceeded expectations by nearly 13 billion kroner.

Two large sales dominated the company’s interim results as it gained almost 16 billion kroner from its sale of Dansk Supermarked and Salling, while a 9.5 billion-kroner devaluation of its oil activity in Brazil affected results negatively.

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