Stockholm, Aug. 19, (dpa/GNA) – Danish shipping and logistics group AP Moller-Maersk said on Wednesday its second-quarter net profit almost tripled despite lower business and consumer activity during the coronavirus pandemic.
Net profit in the April-to-June period for continuing operations was 443 million dollars, compared to a net profit of 153 million dollars during the same period in 2019, the group said.
Operating earnings – earnings before interest, taxes, depreciation, and amortization (EBITDA) – were up 25 per cent to 1.7 billion dollars, « driven by strong cost performance across all of our businesses, lower fuel prices and higher freight rates on Ocean and increased profitability in Logistics & Services, » chief executive Soren Skou said in a statement.
Revenue for the group, which includes container shipping company Maersk Line, decreased by 6.5 per cent to 9 billion dollars, year-on-year.
Maersk Line’s container fleet numbered 651 vessels at the end of June, of which 346 were chartered. At the end of December, the total fleet had comprised 708 vessels.
« As a result of the lock-downs, closed borders and travel restrictions around the world, we experienced significant problems in relieving our seafarers when their contracts expired, a persistent issue of serious concern to us, » Skou added.
GNA
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