Maersk Profit Down (Denmark)

Maersk of Denmark said that its revenue for 2011 increased by 7% to USD 60.2bn (USD 56.1bn), positively affected by higher oil prices and container volumes but offset by lower container freight rates.

Profit was USD 3.4bn (USD 5.0bn) and thus in accordance with the latest announced outlook of USD 3.1-3.5bn, Maersk said.

The result was negatively affected by low container freight rates on especially the Asia-Europe trades and positively affected by the divestment gain from Netto Foodstores Limited, UK of USD 0.7bn. The Group’s return on invested capital (ROIC) was 8.3% (12.2%).

Maersk FPSOs and Maersk LNG made a profit of USD 8m (loss of USD 242m) and a ROIC of 0.3% (negative by 8.0%), negatively affected by net impairments of USD 159m, the company said.

An agreement was entered into to divest Maersk LNG for USD 1.4bn. The transaction is expected to be completed in Q1 2012, Maersk added.

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LNG World News Staff, February 27, 2012; Image: Maersk LNG