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Maersk Group to float US$1 billion share buy-back

COPENHAGEN: The Maersk Group has reported a net profit of US$1.1 billion for the second quarter of 2015 on revenue of US$10.5 billion. The company cited cheaper oil prices and lower container rates for the 12 percent drop in revenue compared to the same period last year.

For the first six months of 2015, the group realized a net profit of US$2.7 billion on revenue of US$21.07 billion.

Maersk Star Air The company said the fluctuating oil price has changed its outlook for Maersk Oil, APM Terminals, Maersk Drilling and APM Shipping Services. As a result, "previously announced profit and growth targets will be replaced by plans adapting to the current environment" for these business units.

Maersk Line increased its H1 profit from US$1.0 billion to US$1.2 billion despite a fall in overall revenue from US$13.3 billion to US$12.5 billion during the comparable period.

An increase in volume of 1.1 percent to 4.69 million FFEs was offset by a 9.9 percent fall in the average freight rate to US$2,370 per FFE for the first six months.

Damco, part of APM Shipping Services, produced a second quarter net profit of US$7 million – a turnaround from the US$32 million loss in 2014 – and finished H1 with a net loss of US$2 million compared to a loss of US$42 million in the same period last year. Revenue fell from US$1.5 billion to US$1.3 billion for the first six months of 2015 largely due to exchange rate movements.

The 3PL said its supply chain management business rose 8.0 percent in Q2 while ocean and airfreight volumes fell 7.0 and 4.0 percent respectively.

Commenting on the group results CEO Nils Andersen said Maersk expected a net profit of "around" US$4.0 billion for 2015 and with a strong balance sheet, would launch a US$1 billion share buy-back programme this year.

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