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COPENHAGEN: A.P. Møller - Mærsk has reported a Q1 net profit of US$253 million on a five percent increase in year-on-year revenue to US$8.96 billion.

"We delivered year-on-year revenue growth for the first time since Q3 2014 in line with our ambitions to become a growth company again," said CEO Soren Skou. "Revenue increased by five percent or US$424 million to US$9.0 billion as a result of revenue growth in Maersk Line and Maersk Oil," he added.

maersk-vikingMaersk Oil reported a profit of US$328 million on revenue of US$1.37 billion as a result of a higher oil price, cost reductions and lower exploration costs and a one-off tax of income of US$42 million.

Maersk Line produced a loss of US$66 million on revenue of US$5.49 billion as demand outgrew nominal supply for the second consecutive quarter, said the company. Transported volumes increased 10 percent due to improved demand and an increased market share, maintained from the second half of 2016, as freight rates increased by 4.4 percent, mainly on East-West trades and from Asia to Europe.

APM Terminals reported a profit of US$91 million on revenue of US$1.00 billion, following declining markets in West Africa and rate pressure in a number of locations due to overcapacity.

Damco realized a loss of US$8 million on revenue of US$612 million - affected by significant margin pressure in freight forwarding products and higher investments in product development.

"We are starting to see synergies in Transport & Logistics, for example with Maersk Line increasing volumes to APM Terminals, improved collaboration between Maersk Line and Maersk Container Industry leading to significantly higher volumes and improved results, as well as cost synergies on sales, general and administration," added Skou.

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