AP Moller-Maersk first half profits up 30%

Global - Danish container shipping company AP Moller-Maersk said first half profits jumped 30% as its energy-related subsidiaries banked on higher oil prices.

Overall revenues reached US$30.44 billion during the period. Net results for its oil and gas activities more than doubled to US$1.33 billion, from US$596 million in the same period last year.

The company's container arm posted a profit of US$73 million against a loss of US$219 million a year earlier, boosted by higher freight rates and volumes.

The group said it expects revenues to hit US$65 billion for the full year, with profits in the US$4 billion to US$4.6 billion range. However, the expected revenue and profit is still highly sensitive to changes in container rates, transported volumes, oil prices and the US exchange rate, it said.