The Maersk Group delivered a profit of USD 224m (USD 1.6bn) and an underlying profit of USD 214m (USD 1.3bn).
The result was negatively impacted by the low oil price and low average container freight rates. The return on invested capital (ROIC) was 2.9% (13.8%).
The Culzean gas field project is on track within budget and according to plans.
The underlying profit was significantly lower than same period last year due to all businesses except Maersk Drilling, Maersk Tankers and Damco being lower and Svitzer being at the same level.
“The Maersk Group delivered an underlying profit of USD 214m in the first quarter. While market conditions remain challenging, we continue to adjust our cost base to the new conditions and maintain a good operational performance across our businesses. We maintain our focus on strengthening the Group’s position in the market and have completed acquisitions within APM Terminals and Maersk Oil, and in Maersk Line we have defended our market leading position,” says Group CEO Nils S. Andersen.
Highlights:
- The Maersk Group delivered an underlying profit of USD 214m with six out of eight businesses returning a profit.
- Though profit remains challenged by the market conditions, Maersk Group continues to see good operational performance resulting from cost and optimisation programmes.
- Reduced cost levels bring break-even to the range of USD 40-45 per barrel from previous USD 45–55 per barrel in Maersk Oil.
- Maersk Line improved utilisation, lowered unit costs by 16% year on year and defended their market leading position, delivering an underlying profit of USD 32m.
- The Group is strengthening its position in the market and has completed acquisitions within APM Terminals and Maersk Oil.
Watch Maersk Group CEO Nils S. Andersen comment on the 2016 Q1 Maersk Group Financial Results
Source: Maersk