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AP Møller-Maersk revises forecast up on Q3 results

AP Møller-Maersk revises forecast up on Q3 results
Maersk Group recorded a profit of $1.2bn for the third quarter this year, improving on last year's $943m.

Profit at Maersk Line was up 10% for the period, helped by efficiency gains and an increase in volumes.

APM Terminals' profit for the third quarter rose from $156m to $203m, as volumes grew 4% to 9.3m teu, in line with expectations, and revenues grew by 7%.

Maersk Tankers recorded an $18m profit for the third quarter, up from a $278m loss in Q3 2012, although its nine month net loss stands at $271m fuelled by depreciation, amortisation and impairment losses, down from $316m for the same nine months last year.

Maersk Drilling's third quarter improved from $84m last year to $148m in 2013 as operational uptime rose to 98% and day rates increased.

Profit at Maersk Oil fell to $189m from $243m, entitlement production of 229,000 boepd is down on last year's 240,000 boepd, but represents a halt to the decline with a small increase over the second quarter of this year.

The group has revised its result forecast to $3.5bn, up from $3.3bn, and expects Maersk Line to record a significant improvement over last years $461m profit for the full year, despite entering the seasonally low fourth quarter with low rates.