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Maersk Group posts highest ever profit of $5.2bn

Maersk Group posts highest ever profit of $5.2bn
Maersk Group has posted its highest profit ever of $5.2bn buoyed by liner shipping, APM Terminals and the sale of its majority stake in Dansk Supermarket Group.

The $5.2bn profit in 2014 was delivered in almost steady revenues $47.57bn.

Maersk Group ceo Nils Andersen said they were “very, very pleased to present the highest result in the company’s history”.

The underlying result was $4.53bn up from $3.04bn in 2013. “The underlying result was very good and in line with our expectations,” Andersen said.

The group booked a gain of $2.8bn from the sale of its majority stake in Dansk Supermarket. It also announced it would be selling its 20% stake in Danske Bank which is valued at $5.45bn.

He said the Maersk was “Continuing our efforts to focus the conglomerate on shipping and oil related business.”

Star performers in the group were Maersk Line with a $2.3bn profit and APM Terminals with a $900m profit.

However, APM Shipping Services racked up a $230m loss hit by a $357m impairment related to the acquisition of Adsteam in Australia. “Svitzer's Australian operations are negatively impacted by industry overcapacity, a high industry cost structure and a general slowdown of bulk activities,”the group said.

Despite the pressure of the falling oil price Maersk Drilling reported a profit of $478m. Maersk Oil delivered a loss of $861m. Andersen said they were scaling back on exploration in the Gulf of Mexico and would not be undertaking exploration in Brazil.