The AP Moller/Maersk group increased its turnover in the third quarter, but saw its profits slip well below last year and the first two quarters of this year. The group’s revenue in the third quarter was US$15.33 billion compared to US$14.056 bn in the same period in 2010, rendering profit of only US$371 million (US$1 671 m). The container activities transported 2.1m FFE (1.8m FFE), 16% higher than in Q3 2010. However, said the quarterly report, this was not enough to offset the impact from declining freight rates – leading to a loss for the period of US$297m (profit of US$1 028m). The unsatisfactory market conditions are a challenge for the liner industry, the report added. The outlook for 2011 is subject to uncertainty, according to group CEO Nils S Andersen, not least due to developments in the global economy, oil price and global trade conditions – and the group still expects a result lower than 2010, as stated in the interim report in August 2011. The group expects a profit for 2011 in the range of US$3.1-US$3.5 bn, including divestment gains. The container activities now expect a negative result for the full year as a consequence of lower rates, especially on the Asia-Europe trade. For the first nine months of the year, APM/Maersk had a turnover of US$45.257bn (US$41.415bn) and a profit of US$3.104-bn (US$4.194bn)
