Maersk reports on ‘improved performance’ for Q1 2013

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??????????????????????????????????????????????????????????????????????????????????????????????????????????????Maersk has announced a profit of $790m ($1.2bn) and a return on invested capital (ROIC) of 8% (10.2%) for the first quarter of 2013.

“We have improved our performance in the past year and we are satisfied with our result for the first quarter,” said Group CEO Nils S. Andersen.

Profit for the same period last year was positively affected by the settlement of an Algerian tax dispute of $899m and divestment gains of $325m before tax.

“Maersk Line is much more competitive and has gained strength to deal with the challenging shipping markets. During the year, Maersk Oil has replaced its reserves successfully and we will continue with a high exploration level to develop our portfolio for the long term.

“APM Terminals continues to progress in growth markets while Maersk Drilling has overcome its operational issues and is back on track,” Mr Andersen added.

Cash flow from operating activities was $2.4bn ($1.1bn). Cash flow used for capital expenditure was $1.7bn ($2.6bn) and net of sales proceeds $1.5bn ($837m). The Group’s free cash flow was $926m ($301m).

 

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