Danish shipping and oil group A.P. Moller-Maersk reported net profit ahead of most analysts' forecasts for the first quarter on Thursday but added its performance was still not satisfactory.
The company's net result rose to $253 million, above the $199 million average forecast in a Reuters poll, while its operating profit before depreciation and amortisation (EBITDA) of $1.71 billion was below the $1.82 billion forecast by analysts.
Due to a higher fuel bill its key container shipping unit Maersk Line reported a loss of $66 million.
"Whilst we cannot 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 Chief Executive Soren Skou in a statement.