date:May 06, 2016
Danish shipping giant and energy group A.P. Moller-Maersk has seen a drop in profits due to low oil and freight rates; but the good news is that its not as sharp a drop as analysts feared.
The company said Wednesday 4 May that underlying profit plunged to $224 million from $1.5 billion a year earlier. Revenue fell almost 20 percent to $8.5 billion.
Still, the results beat market expectations, and the company's share price rose more than 5 percent to 9,195 kroner in afternoon trading.
The grou