Børsens News Service in English
A.P.Møller adjusts upwards
08-07-2010
10:23
The improvement of especially the container business has been greater than envisaged, and Denmark’s largest company now expects that this year’s result will exceed the 2008 result and thus be over DKK 17 billion.
In 2008 the profit was USD 3.5 billion corresponding to DKK 17.6 billion at the time).
The new expectations and the upgrading build on the assumption that freight rates, oil prices and the USD exchange rate remain stable at current levels, the company wrote in an announcement.
»The outlook for 2010 is still subject to considerable uncertainty, not least due to the development in the global economy. Specific uncertainties relate to the container freight rates, transported volumes, USD exchange rate and oil prices,« the company added.
The upgrading follows A.P.Møller-Mærsk’s sale of its interests in the Yantian terminal in China, a transaction which has now been finalised. APM’s Dansk Supermarked’s sale of the Netto Foodstores Limited is still, however, subject to regulatory approval from the UK competition authorities and the possible accounting gain has not been included in the upgrading.
This is the second time this year that A.P.Møller-Mærsk makes an upward adjustment. In connection with its quarterly report on May 12, 2010, A.P.Møller-Mærsk announced that it expected a positive result for 2010. This was an improvement compared to the previous expectation of March 4, 2010, for a modest positive result.
In 2008 the profit was USD 3.5 billion corresponding to DKK 17.6 billion at the time).
The new expectations and the upgrading build on the assumption that freight rates, oil prices and the USD exchange rate remain stable at current levels, the company wrote in an announcement.
»The outlook for 2010 is still subject to considerable uncertainty, not least due to the development in the global economy. Specific uncertainties relate to the container freight rates, transported volumes, USD exchange rate and oil prices,« the company added.
The upgrading follows A.P.Møller-Mærsk’s sale of its interests in the Yantian terminal in China, a transaction which has now been finalised. APM’s Dansk Supermarked’s sale of the Netto Foodstores Limited is still, however, subject to regulatory approval from the UK competition authorities and the possible accounting gain has not been included in the upgrading.
This is the second time this year that A.P.Møller-Mærsk makes an upward adjustment. In connection with its quarterly report on May 12, 2010, A.P.Møller-Mærsk announced that it expected a positive result for 2010. This was an improvement compared to the previous expectation of March 4, 2010, for a modest positive result.
*****||*****A.P.Møller adjusts upwards*****||*****The improvement of especially the container business has been greater than envisaged, and Denmark’s largest company now expects that this year’s result will exceed the 2008 result and thus be over DKK 17 billion.
In 2008 the profit was USD 3.5 billion corresponding to DKK 17.6 billion at the time).
The new expectations and the upgrading build on the assumption that freight rates, oil prices and the USD exchange rate remain stable at current levels, the company wrote in an announcement.
»The outlook for 2010 is still subject to considerable uncertainty, not least due to the development in the global economy. Specific uncertainties relate to the container freight rates, transported volumes, USD exchange rate and oil prices,« the company added.
The upgrading follows A.P.Møller-Mærsk’s sale of its interests in the Yantian terminal in China, a transaction which has now been finalised. APM’s Dansk Supermarked’s sale of the Netto Foodstores Limited is still, however, subject to regulatory approval from the UK competition authorities and the possible accounting gain has not been included in the upgrading.*****||*****
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