Upward adjustment of expectations for 2010

July 8, 2010 10:34

In the Interim Management Statement on 12 May 2010, A.P. Møller - Mærsk A/S announced that a profit for 2010 was expected - an improvement compared to the previous expectations on 4 March 2010 of a modest profit, reports www.megafishnet.com with reference to Maersk.

The improvement of especially the container business has since then been greater than envisaged and the Company now expects that the profit for 2010 will exceed the profit for 2008 (which was USD 3.5 billion corresponding to DKK 17.6 billion at the time), provided that  freight rates, oil prices and the USD exchange rate remain stable at current levels. This includes an accounting gain from the previously announced sale of shares in the Yantian terminal in China which has now been closed. Dansk Supermarked's sale of Netto Foodstores Limited is still subject to approval from the UK competition authorities, and the possible gain from the sale has not been included in the above-mentioned estimate.
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 result for the first half year 2010 including an elaboration on the expectations for the 2010 result will be announced with the Interim Report on 18 August 2010.

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