Moller Maersk Says Full-Year Profit Fell 22%

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%.