The Danish shipping and oil and gas giant Maersk has enjoyed a solid start to 2014, revealing first quarter results that were better than predicted.

The Maersk Group posted profits before tax of 11.3 billion kroner – a considerable improvement on last year’s first quarter in which it netted 8.66 billion kroner, and higher than its predictions of 10.45 billion kroner.

"The group delivered a satisfactory result for the first quarter,” the group’s chief executive, Nils Andersen, said in a press release.

“Net profit improved by 51 percent driven by all five business units except for Maersk Drilling, which delivered as expected.”

READ MORE: Maersk Line struggling to fill mega container ships

Container lift
The company has decided to upgrade its 2014 annual expectations for its container division, Maersk Line, after posting quarterly profits of 2.5 billion kroner – well over twice as much as the 1.1 billion kroner posted in the same period in 2013.

“APM Terminals increased volumes and Maersk Line was positively influenced by high utilisation and continued cost reduction,” Andersen said.

Andersen went on to maintain that the company was satisfied with the quarterly progress made towards its strategic ambitions, and that the annual 2014 expectations in other areas of the group will remain as they are.