Maersk returns to profit as container shipping improves

Posted: Updated:

COPENHAGEN, Denmark (AP) - Danish shipping and oil group A.P. Moller-Maersk says it made a fourth quarter profit of $386 million, up from a loss of $2.7 billion a year earlier, as revenue rose to $8.2 billion from $7 billion.

The company said Friday that the rise in earnings was driven primarily by its container shipping business, Maersk Line.

CEO Soren Skou said Friday that 2017 as a whole had been "unusual" because of a cyber-attack in June, which mainly affected Maersk Line, hurting its results.

For the full year, Maersk reported a loss of $1.2 billion, up from a 2016 loss of $496 billion.

Maersk shares dropped 3.4 percent to 10,005 kroner in Copenhagen.

Copyright 2018 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

sorry to interrupt
your first 20 are free
Access to News 12 is free for Optimum, Comcast®, Time Warner® and Service ElectricSM customers.
Please enjoy 20 complimentary views of articles, photos, and videos during the next 30 days.
you have reached your 20 view limit
Access to News 12 is free for Optimum, Comcast®, Time Warner® and Service ElectricSM customers.
Please login or create an account to continue enjoying News12.
Our sign-up page is undergoing maintenance and is not currently available. However, you will be given direct access to news12.com while we complete our upgrade.
When we are back up and running you will be prompted at that time to complete your sign in. Until then, enjoy the local news, weather, traffic and more that's "as local as local news gets."