Danish container shipping firm A.P. Moller-Maersk A/S (AMKBF.PK,AMKAF.PK) Friday reported a decline in the first-quarter profit, reflecting mainly higher income tax expense and lower revenues.
For full-year 2013, the Group still expects a profit below the 2012 levels of $4.0 billion. The net result is expected to be in line with 2012 of $2.9 billion, excluding impairment losses, divestment gains and gain from the tax settlement in Algeria.
In the first quarter, profit attributable to the company dipped to 4.01 billion Danish kroner, or about $692 million, from 6.15 billion kroner in the previous year. On a per share basis, earnings were 918 kroner, lower than 1,409 kroner in the same quarter last year.
But, profit before tax increased to 9.54 billion kroner from 8.48 billion kroner in the prior year. In the recent quarter, tax expense totaled 5.08 billion kroner, compared to 1.81 billion kroner a year earlier.
The prior-year quarter had a benefit related to settlement of an Algerian tax dispute of $899 million and divestment gains of $325 million before tax.
Maersk Line, which transports cargo, made a profit of $204 million, compared with a loss of $599 million last year, reflecting a decline in costs, while revenues remained unchanged at $6.3 billion. Average freight rates increased 4.7 percent from last year.
Maersk Oil profit dropped to $346 million from $1.3 billion a year ago. According to the company, the result was negatively impacted by lower average oil price, which totaled $112 per barrel, compared to $119 per barrel last year. Entitlement production also declined to 239,000 boepd from 254,000 boepd, mainly due to reduced ownership share and production in Denmark.
In addition, the division's last-year quarter was benefited by the tax settlement and divestment gain.
Quarterly Group revenues declined 2 percent to 79.32 billion kroner, or $14.05 billion, from 81.31 billion kroner in the preceding year.
Further, the firm said its net interest-bearing debt decreased to $13.4 billion from $14.5 billion as at December 31, 2012.
In Copenhagen, the shares are currently trading at 41520 kroner, up 0.68 percent.
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