Maersk net profits down 3 billion in 2013

Maersk showed falling profits in 2013 but the light-blue shipping giant remains positive

Feb 27, 2014

Denmark's largest company, shipping conglomerate Maersk, revealed a 2013 net profit of 37.2 billion kroner before tax today, its weakest result for four years.

The profit has fallen by 3 billion kroner compared to the 40.1 billion kroner it set in 2012, EPN finance newspaper reports.

The shipping and oil company's revenue also fell from 286.8 billion kroner in 2012 to 266.2 billion in 2013.

Nevertheless, the chief executive of Maersk, Nils Smedegaard Andersen said that the numbers exceeded his expectations for the year and that most of Maersk Group's operating units actually improved profit-wise.

Container division Maersk Line was Maersk's strongest card as profits tripled from 2.7 billion in 2012 to 8.5 billion in 2013, while Maersk Oil saw the biggest decline due to less oil production and lower oil prices.

"In the meantime, oil production has stabilised as expected since 2013 and we expect some growth in 2014," Niels Smedegaard Andersen wrote in a statement.

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Maersk net profits down 3 billion in 2013

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