MAERSK's stand alone port operator APM Terminals posted a 38 per cent second quarter net profit decline to US$161 million, drawn on revenues of $1.03 billion, down 8.6 per cent year on year.
Maersk group blamed a weaker business climate in oil dependent markets, the company in sharp contrast to CEO Nils Andersen's statement in February that APM Terminals was the group's "highest return business".
The current situation resulted in a six per cent decline in traffic at its 65 terminals to 9.2 million TEU. Nonetheless, Mr Andersen said APMT was still poised to post a $1 billion net operating profit in 2016.
The 600,000 TEU reduction reflected "significantly less "imports to Russia and West Africa which was only partially offset by increased traffic at it terminal in Santos, Brazil.
APM Terminals is much more exposed to the Russian market than its rivals as it has a 30.75 per cent stake in Global Ports, the nation's largest container terminal operator.
The divestment of APM Terminals Virginia in Portsmouth, and Terminal Porte Oceane in Le Havre, also contributed to the lower traffic.
Excluding the divestments, like-for-like throughput fell 3.5 per cent, while the global container market grew by 4.2 per cent during the second quarter.
First-half traffic decreased 4.7 per cent to 18.3 million TEU from 19.2 million TEU.
PORTS
17 August 2015 - 21:49
APM Terminals' profit down 38pc to US$161 million as sales fall 8.6pc
MAERSK's stand alone port operator APM Terminals posted a 38 per cent second quarter net profit decline to US$161 million, drawn on revenues of $1.03 billion, down 8.6 per cent year on year.
PORTS
17 August 2015 - 21:49
APM Terminals' profit down 38pc to US$161 million as sales fall 8.6pc
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