COPENHAGEN, May 17 (Reuters) - Danish shipping and oil group A.P. Moller-Maersk reported a stronger than expected first quarter net profit after its container shipping unit swung to profits thanks to higher freight rates.
Maersk’s first quarter net profit fell about 30 percent to $790 million, beating the market’s average forecast of $726 million in a Reuters poll of analysts.
The group’s figures for the first quarter of 2012 included $920 million in a settlement of an Algerian tax dispute.
It reiterated its overall group outlook for the result this year to be below the 2012 result of $4.0 billion, and the result for its container shipping unit, Maersk Line, to exceed last year’s result of $461 million.
Reporting by Copenhagen Newsroom