Maersk has announced its financial results for the first quarter of 2015. The company reported revenue of $10.55bn, a decline of 10.13% year-on-year. It also recorded EBITDA of $2.57bn, a fall of some 14.82% year-on-year. Accordingly Maersk’s EBITDA margin stood at 24.37%.
The group also delivered a bottom line profit of $1.57bn, an increase of 30.24% over Q1 2014. This result was positively impacted by an after tax gain from the sale of shares in Danske Bank A/S of $223m.
“The group continued to deliver a strong performance in the first quarter of 2015, achieving a very satisfactory result of $1.6bn. In a quarter impacted both by low oil prices and low economic growth, the underlying profit increased by 18% to USD 1.3bn, mainly driven by Maersk Line, Maersk Drilling and APM Shipping Services, whereas Maersk Oil and APM Terminals were impacted by lower oil prices and lower volumes in oil dependent markets. All businesses affected by low oil prices launched cost initiatives to safeguard long term profits and competitiveness. Based on the performance in Q1, the group now expects an underlying result of around $4bn for 2015,” said Maersk’s CEO Nils Andersen.
The fall in revenue was predominantly due to lower oil price and, in turn, operating expenses decreased by $744m, mainly due to lower bunker prices. Tax decreased by $773m, primarily as a result of the lower oil price as well as a $170m deferred tax income as a consequence of the lowered tax rate on oil activities in the UK. The impact from the sharply appreciated US Dollar was limited on the overall group result due to the applied currency hedging policy.
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