Signs of greater efficiency show the company is likely to perform better in coming quarters, according to analysts. Earnings per share were $5, down from $49 a year ago.
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“We continue to place disproportionate weight on the Maersk Line result”, Combe said. It expects to report progress before the end of the third quarter.
Net profit in the period plummeted to $101 million (€90.5 million) from $1.07 billion as revenue fell 16 percent to $8.86 billion.
Soeren Skou, chief executive of one of the world’s biggest shipping conglomerates, said “the result is unsatisfactory”. He added, “Cost reductions and operational optimizations, however, made a significant contribution to mitigating the impact of the negative market conditions”.
The company said average container freight rates were 24% lower year-over-year in the quarter, while the oil price was down 26%. The gains came amid sharp gains in oil prices and strong quarterly results from retailers.
In June, Maersk fired their chief executive and announced plans to restructure the business, indicating it could split it into separate companies and sell off part of the group, including its oil division.
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“Recognising the group’s low growth and returns the board of directors has during Q2 initiated a process to develop and consider the strategic and structural options for the Maersk Group to further increase agility and synergies”, AP Moller-Maersk stated in its results statement. Maersk also said it will need to postpone a capital markets day that had been planned to take place on September 22. Mr. Skou said the costs in Maersk Line were at an all-time low, dropping for the first time below $2,000 per forty-foot equivalent container unit. Still, it also warned that the unit will only make money if the price of oil exceeds $40-45 a barrel.
