Shipper A.P. Moller-Maersk posts 9-month loss

COPENHAGEN

Danish container shipping and oil group A.P. Moller-Maersk A/S on Thursday reported a net loss of 3.86 billion kroner ($706 million) for the first nine months of 2009, citing a drop in global shipments of goods amid the economic crisis.

The company reported a profit of 17.7 billion kroner in the same period of 2008.

Revenue for the January-September period plunged 25 percent to 193 billion kroner ($35.30 billion) from 231 billion kroner a year earlier. The company does not release a quarter-by-quarter breakdown of its results.

"As expected, the A.P. Moller-Maersk Group was still negatively affected by the challenging market conditions," CEO Nils Smedegaard Andersen said, singling out the markets for its container vessels and tankers.

He added the group's "strong focus on reducing the level of costs continues to yield positive results." On Sept. 2, the shipper sold 250,340 treasury shares, corresponding to approximately 5.7 percent of the group's total share capital.

"With sales of treasury shares and issuance of bonds we have taken steps to strengthen the A.P. Moller-Maersk group's robust financial basis and long-term funding position," Smedegaard Andersen added.

Maersk shares fell 4 percent to 36,400 kroner ($7,337) in Copenhagen.

Sydbank analyst Jacob Pedersen said the results were "weaker than expected."

The group said its full-year outlook for 2009 was still unclear, citing uncertainties in container freight rates, transported volumes, the dollar exchange rate and oil prices.

The company, based in Copenhagen, employs 120,000 people in 130 countries.