A.P. Møller – Mærsk Cuts 2018 Profit View

A.P. Møller – Mærsk A/S (AMKAF.PK,AMKBF.PK) it adjusted its expectation for the fiscal year 2018, based on the outlook for freight rates for the rest of the year and continued high bunker fuel prices.

The company’ new expectation for earnings before interests, tax, depreciations and amortisations or EBITDA is in the range of $3.5 billion – $4.2 billion and a positive underlying profit. The previous expectation for EBITDA was in the range of $ 4.0 billion – $5.0 billion and an underlying profit above 2017. The remaining part of the guidance is unchanged.

Revenue was $9.5 billion in the second-quarter of 2018 and EBITDA was $0.9 billion and for the first half-year revenue was $18.8 billion and EBITDA $1.6 billion. EBITDA in Ocean was $0.7 billion for the second-quarter of 2018 reflecting improved unit cost, which both in total and at fixed bunker was down by more than 5% compared to the first-quarter of 2018. However, profitability was negatively impacted by an average bunker price increase of 28% compared to the same period last year while average freight rates were 1.2% lower.

The company noted that further details will be published in the Interim Report for the second-quarter of 2018 on 17 August 2018.

by RTTNews Staff Writer

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