A.P. Moller

Sarla Buch
17 Aug, 2018
New York City

A.P. Moller

[R]4:00 PM Frankfurt – A.P. Moller–Maersk net swung to profit on strong revenues and the logistics conglomerate plans to spin off offshore drilling and distribution business. IMCD net soared on 23%. Vopak declined on lower-than-expected results.[/R]

In London trading, FTSE 100 index fell 23.18 or 0.3% to 7,533.20 and in Frankfurt the DAX index dropped 71.61 or 0.6% to 12,165.56.

In Paris, CAC 40 index slumped 25.43 or 0.5% to 5,323.58.

A.P. Moller–Maersk Group jumped 2.5% to 8,854 Danish kronor after Denmark-based shipping transport, ports and logistics services provider reported revenues in the first-half ending in June soared 27% from a year ago to $18.8 billion.

Net in the period swung to profit $2.8 billion from a loss of €24 million in the same period a year ago and diluted earnings per share swung to $133 from diluted loss per share $1.

The shipping services provider said net swung to profit but issued a cautious view as trade tensions dampen the global trade outlook.

Separately, A.P. Moeller-Maersk plans to spin off its offshore drilling and distribution business as a stand-alone company and with a planned stock market listing in the next year.

""We expect revenue of around $40 billion in 2018, up almost 50% since 2016. We expect improvements in our profitability driven by lower unit cost and higher freight rates,"" said chief executive officer Soren Skou.

IMCD NV jumped 3.6% to €64.10 after the Netherlands-based specialty chemicals and food ingredients maker said revenues in the first-half ending in June surged 22.8% from a year ago to €1.2 billion.

Net profit in the period jumped 25.7% to €53.7 million from €42.8 million in the same period a year ago and diluted earnings per share increased to €1.04 from €0.83.

Publity AG slipped 0.6% to €10.74 after Germany-based financial investor stated revenues in the first-half ending in June rose 3.1% from a year ago to €13.3 million.

Net profit in the period plunged 20% to €4.4 million from €5.5 million in the same period a year ago and diluted earnings per share increased to €1.04 from €0.83.

Publity lowered fiscal 2018 revenues may slightly lower than in the previous year.

Koninklijke Vopak N.V declined 8.1% to €37.78 after Netherlands-based specialty chemicals and oil storage provider said revenues in the first-half ending in June dropped 6.5% from a year ago to €626.1 million.

Net profit in the period plummeted 7.7% to €137.4 million from €148.8 million in the same period a year ago and diluted earnings per share decreased to €1.08 from €1.17.