May 17, 2013 / 6:07 AM / 6 years ago

Maersk stands by outlook after Q1 beats forecasts

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

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