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Moller Maersk Says Full-Year Profit Fell 22%
Topics:Politics & Government | Earnings | Trade | Europe (West)
Sectors:Oil and Gas
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Danish shipping giant A.P. Moller-Maersk's full-year profit fell 22% after freight shipping rates fell and as the government raised its tax rate on oil and gas activities, the company said Wednesday.
Net income fell to $2.6 billion from $3.37 billion (2.53 billion euros) in the preceding period, the company said in a statement. Revenue gained 3.7% to $44.5 billion (33.4 billion euros).
Shipping rates during the period fell 10%, while taxation on Maersk's oil and gas operations was raised 54%, Maersk said.
The company expects revenue in 2007 to rise to $50 billion (37.5 billion euros), an increase of about 12%.
Copyright 2007 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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