UPDATE 3-Maersk Q1 net profit nearly triples, shares soar
(Adds CEO comments in paragraphs 10 and 11, updates sharese)
By Gelu Sulugiuc
COPENHAGEN, May 15 (Reuters) - Danish shipping and oil group A.P. Moller-Maersk (MAERSKb.CO: Quote, Profile, Research, Stock Buzz) said its net profit nearly tripled in the first quarter due to higher oil prices and higher container freight rates, boosting its shares by 7 percent.
Net profit rose to $1.1 billion from $390 million in the same period last year, the company said on Thursday. In Danish crowns, the profit was reported as 5.2 billion, 30 percent higher than consensus estimates of 4 billion crowns.
Sales rose 31 percent to $14.4 billion.
"The oil business and sales gains, mainly from sale of vessels, are the main drivers behind the result improvement, and it is encouraging that the container business is increasing volumes and results ... with increasing bunker prices and while carrying out a global restructuring," Maersk Chief Executive Nils Andersen said in a statement.
The conglomerate -- which runs the world's largest container shipping operator, Maersk Line -- maintained its full-year forecast for sales of about $60 billion and net profit of about $3.6 billion to 4.0 billion.
It said it was still considering selling non-strategic assets, which could improve net profit by about $800 million.
Maersk shares traded up 6.9 percent at 57,400 crowns by 1354 GMT, while the Copenhagen exchange top 20 index was up 2.1 percent. Continued...



