Maersk Group Optimistic on $4Bln Profit Target
By Aiswarya Lakshmi
Friday, August 28, 2015
AP Moeller Maersk Group has continued to fix its eyes on its forecast of a $4 billion profit for 2015, despite the challenges it is facing in its operating environment, according to Thisday Live.
The group said in a statement that from its records, its profit for the second quarter was $1 billion, down from $2.3 billion in the second quarter 2014.
Apapa Quay, Africa’s largest container port operated by Maersk Group subsidiary APM Terminals Apapa Limited (APMT) said it would go ahead to attain its set goals of making profit despite oil price turbulence and falling container rates affecting its businesses across the globe.
It also said its revenue also fell from $11.9 billion to $10.5 billion just as APM Terminals profit for the quarter fell to $161 million from $223 million in the second quarter of 2014.
The main cause of the drop was falling revenues in markets dependent on oil, the weakening of some currencies against the United States of America (USA) dollar and divestments in 2014.
Weighted for ownership interest, handled volumes were down 6 percent to 9.2 million TEU or 3.5 percent in real terms when two terminals sold in 2014 are factored out.
The expectations for APM Terminals' result in 2015 has fallen from below 2014's $849 million to "significantly below" the same figure.