partlycloudy
Saturday May 26th, 2018 11:24PM

Maersk posts 30 pct. revenue hike in Q1, but cites risks

By The Associated Press

COPENHAGEN, Denmark (AP) — Danish shipping group A.P. Moller-Maersk says its first-quarter revenue increased by 30 percent to $9.3 billion, but also noted increased uncertainties due to geopolitical risks, trade tensions and other factors impacting freight rates, bunker prices and rate of exchange.

Chief Executive Soeren Skou says that the group's results in its key ocean business was "unsatisfactory" in the short term. The group posted a $239 million deficit.

Skou added that the Copenhagen-based group was implementing a number of short-term initiatives to improve profitability in the hopes of making more this year than in 2017, when profit was $356 million.

Thursday's earnings were the first to include the acquisition of German container shipping company Hamburg Sud.

Maersk shares dropped nearly 9 percent to 9,244 kroner in morning trading in Copenhagen.

  • Associated Categories: Associated Press (AP), AP World News, AP Business, AP Business - Corporate News
© Copyright 2018 AccessWDUN.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
EU urges Balkans reform but cool on accepting new members
European Union leaders are encouraging Balkans countries to continue on the path of EU-oriented reform but are cool on any of the six joining the bloc in the near future
4:03AM ( 11 minutes ago )
Cannes doc: Whitney Houston was molested by Dee Dee Warwick
Friends of Whitney Houston allege the singer was molested as a child by her cousin Dee Dee Warwick in a documentary that premiered Thursday at the Cannes Film Festival
3:49AM ( 25 minutes ago )
Burundi votes in referendum on the president's power
Burundi votes in a referendum proposing constitutional changes that could extend the president's rule until 2034
3:19AM ( 55 minutes ago )
Associated Press (AP)
Ex-PM lawyer says no docs seized in Malaysia police search
A lawyer for Malaysia's former Prime Minister Najib Razak says the seven-hour police search of his property as part of a money-laundering investigation being pushed by his successor did not find any incriminating documents
12:59AM ( 3 hours ago )
US has daunting to-do list to prepare for NKorea summit
President Donald Trump and his team have a daunting to-do list to work through as they prepare for next month's expected summit with North Korean leader Kim Jong Un.
12:34AM ( 3 hours ago )
S. Korea pushes for successful Trump-Kim talks
South Korea says it will communicate closely with Washington, Pyongyang to increase chances of successful talks between Trump and Kim
10:55PM ( 5 hours ago )
AP World News
Alaska dive fishermen plead for relief from sea otters
Sea otters have come back from the brink of extinction along Alaska's Panhandle but fishermen who target shellfish are seeking relief from their voracious appetites
12:40AM ( 3 hours ago )
Returning otters to undersea world failing in their absence
Despite decades of government protection, southern sea otters on West Coast still only occupy about a fraction of their historic range.
12:38AM ( 3 hours ago )
US births hit a 30-year low, despite good economy
Last year saw the lowest number of U.S. births in 30 years, with birth rates declining not only for women in their teens and 20s but also women in their 30s
12:22AM ( 3 hours ago )
AP Business
Wynn Resorts points to changes after founder's resignation
The board of directors and CEO of Wynn Resorts on Wednesday sought to show shareholders they are working to strengthen the casino operator's corporate culture and moving it forward without its founder
7:00PM ( 9 hours ago )
Macy's sees robust mobile, online sales as profits soar
Macy's sees robust mobile, online sales as it beats profit and revenue expectations for the first quarter
6:53PM ( 9 hours ago )
The Latest: Pence reports pension plan, football tickets
Vice President Mike Pence has released his annual financial disclosure, reporting a pension plan from the state of Indiana worth between $500,000 and $1 million
6:38PM ( 9 hours ago )
AP Business - Corporate News
US has daunting to-do list to prepare for NKorea summit
President Donald Trump and his team have a daunting to-do list to work through as they prepare for next month's expected summit with North Korean leader Kim Jong Un.
4:08AM ( 6 minutes ago )
EU urges Balkans reform but cool on accepting new members
European Union leaders are encouraging Balkans countries to continue on the path of EU-oriented reform but are cool on any of the six joining the bloc in the near future
4:03AM ( 11 minutes ago )
Cannes doc: Whitney Houston was molested by Dee Dee Warwick
Friends of Whitney Houston allege the singer was molested as a child by her cousin Dee Dee Warwick in a documentary that premiered Thursday at the Cannes Film Festival
3:49AM ( 25 minutes ago )
Burundi votes in referendum on the president's power
Burundi votes in a referendum proposing constitutional changes that could extend the president's rule until 2034
3:19AM ( 55 minutes ago )
LEADING OFF: Baby Braves face Lester, Cubs; Archer vs Angels
LEADING OFF: Baby Braves face Lester, Cubs; Herrera still hot for surging Phils; Maxwell can't cross border; Archer vs Angels in Anaheim fish fry
3:10AM ( 1 hour ago )