COPENHAGEN: Danish conglomerate A.P. Moeller-Maersk reported on Friday a drop in net profit and sales in the first quarter amid sluggish economies in North America and Europe.
Net profit fell by 33 percent to 4.46 billion kroner (598 million euros, $771 million), but was significantly higher than the 3.4 billion forecast by analysts surveyed by Dow Jones Newswires.
The 2012 first quarter figure was boosted by exceptional items from divestments and a favourable settlement in an Algerian tax dispute.
Sales dipped by two percent to 79.3 billion kroner, which Maersk attributed to the drop in oil prices and difficulties experienced in the shipping sector in western Europe and North America.
The group noted "the weak economic situation, especially in developed countries."
For shipping, "demand is expected to stay subdued in 2013 while capacity will grow significantly. Accordingly, conditions for the container industry remain challenging and managing supply will be even more important this year."
In the oil and gas division, Maersk said it had seen its market share drop amid the drop in oil prices. Production slid by six percent compared to the first quarter of last year, to 239,000 barrels of oil equivalent per day.
The group maintained its forecast, saying it expected its profit to be lower this year than in 2012, at $2.9 billion excluding exceptional items and provision.
On the Copenhagen stock exchange at midday, Maersk's A and B shares were both up by around one percent in an overall market that was flat.
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