APMT quarterly profit declines 31pc to US$159 million as sales rise 3pc
Time：2016-08-15
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The Dutch unit booked an underlying profit excluding one-time items of $109 million, down 31 per cent on the $159 million booked in the second quarter of last year.
APMT handled 9.4 million TEU in the second quarter, representing a year-on-year increase of 2.6 per cent, attributed primarily to the acquisition of Grup Maritim TCB.
"Profits remain under pressure as terminals in oil dependent markets face declining volumes and commercially challenged terminals in Latin America, northwest Europe and Egypt have not regained business to compensate earlier lost services," Maersk Group said in its second-quarter results announcement.
The revenue performance is a significant improvement on the first-quarter performance, when revenues dropped 15 per cent, and the fall in second quarter profit is also less severe than the 43 per cent fall reported in the first quarter.
Staff redundancies implemented over the first half of the year had saved the company $46 million, and the company is accelerating cost-saving initiatives, the group said.
"Terminals and inland facilities most severely impacted by lower volumes are currently subject to centrally guided structural cost reviews to identify and execute further cost reductions."