Maersk Beats Forecasts as Lower Fuel Bills Help to Buoy Profits

COPENHAGEN, May 13 (Reuters) – Danish oil and delivery group A.P. Moller-Maersk reported first-quarter internet earnings above forecasts on Wednesday because the decline in delivery gasoline prices greater than offset a drop in freight charges.

The internet end result was additionally helped by revenue from the sale of a stake in Danske Bank, the nation’s largest lender, whereas decrease oil costs weighed on the conglomerate’s oil manufacturing unit.

The group mentioned it now expects a full-year underlying results of round $4 billion, a slight improve from its earlier steerage for a end result “slightly below” $4 billion.

Denmark’s largest firm by income mentioned internet revenue rose to $1.57 billion in January-March from $1.13 billion a 12 months in the past, beating a forecast of $1.13 billion.

Revenues fell within the quarter to $10.5 billion from $11.7 billion a 12 months in the past, barely beneath expectations of $10.9 billion.

“The bottom line looks better than expected but there are two causes; firstly the divestment of Danske Bank counts in more positively than expected; and secondly a 170 million dollar deferred tax income due to a lower oil tax in the U.K,” Nykredit analyst Ricky Rasmussen mentioned.

Maersk mentioned it could promote its long-held 20 % stake in Danske Bank in February when it introduced its full 12 months outcomes. (Reporting by Ole Mikkelsen; extra reporting by Teis Jensen; Writing by Sabina Zawadzki; Editing by Balazs Koranyi)