Maersk sees first quarterly revenue growth since 2014

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The Danish oil and shipping giant A.P. Moller-Maersk announced on Thursday that the group delivered revenue of 9 billion U.S. dollars for the first quarter of 2017, 5 percent up from the same period of last year.

The growth, the first time since the third quarter of 2014, was due to revenue growth in Maersk Line and Maersk Oil, the group said in its quarterly financial report.

Revenue increased by 424 million dollars, with significant increases of 343 million dollars or 33 percent in Maersk Oil, and 519 million dollars or 10 percent in Maersk Line, according to the report.

However, the increase was partly countered by a decrease of 310 million dollars in Maersk Drilling and 62 million dollars in Maersk Supply Service, Maersk said.

According to the report, Maersk registered a 13 percent rise in profit to 253 million dollars in the first three months, with a return on invested capital (ROIC) of 3.5 percent, which is in line with expectations.

The underlying profit of 201 million dollars was at the same level as last year, reflecting an increase of 321 million dollars in Maersk Oil due to higher oil price and lower operating expenses, offset by decreases in almost all other businesses.

"Whilst we can not be satisfied with the overall profitability in the first quarter, the result is as expected and we reiterate our guidance for the year for the group," said Soren Skou, CEO of A.P. Moller-Maersk.

"We delivered year-on-year revenue growth for the first time since Q3 2014 in line with our ambitions to become a growth company again," Skou added.

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