May 17, 2018 / 6:07 AM / a year ago

Maersk profit lags forecast; flags geopolitical and trade risks

COPENHAGEN, May 17 (Reuters) - Danish shipping company A.P. Moller-Maersk missed first-quarter core profit expectations on Thursday and kept guidance for the year unchanged, though it flagged increased uncertainties related to geopolitical risks and trade tensions.

Maersk’s earnings before interest, tax, depreciation and amortisation (EBITDA) stood at $669 million, well below the $852 million forecast by analysts in a Reuters poll.

“Our result, especially in the ocean-related part of the business, was unsatisfactory,” Chief Executive Soren Skou said in a statement.

He also noted “increased uncertainties due to geopolitical risks, trade tensions and other factors impacting container freight rates, bunker prices and rate of exchange”. (Reporting by Jacob Gronholt-Pedersen Editing by David Goodman)

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