AP Møller-Maersk on the way out of the doldrums

There is finally light at the end of the tunnel for AP Møller-Maersk

First-quarter figures released by Maersk reveal that two years of continuously declining quarterly results have finally been halted.

For each of the previous nine quarters, the company had made a profit lower than the corresponding three months in the year before, but in the first quarter of 2017 things have changed, with a profit of over 9 billion dollars.

READ ALSO: Søren Skou appointed new CEO of Maersk Group

“While we can’t be satisfied with the overall profitability of the first quarter, the result is as expected, and we maintain our expectations for the year,” the chief executive Søren Skou wrote in the accounts.

“In accordance with our ambitions to stimulate growth once again in our business, for the first time since the third quarter of 2014 our profits have increased, seen over the year.”

The net group profit for the quarter was 253 million dollars (1.73 billion kroner), a jump from 224 million dollars (1.5 billion kroner) the year before.