AP Moller-Maersk has announced it has slipped back into the black after a difficult 2018.
The Danish conglomerate celebrated a very slight pre-tax profit of £1.5 million for Q1 2019, a significant improvement on £108m for the same period last year.
Moller-Maersk’s total loss for 2018 was £142m.
Revenue for the firm also increased significantly from £7,354m in Q1 last year, to £7,534m for this period in 2019.
Moller-Maersk got the demerger of its drilling business underway in February in a bid to shift away from the energy sector and instead focus on transport and logistics.
It follows Moller-Maersk’s sale of Maersk Oil to Total last year.
Soren Skou, CEO of AP Moller – Maersk, said: “We had a good start to 2019.
“In Q1, revenue grew by 2.5%, operating earnings improved by 33% and cash flow from operations doubled to USD 1.5bn.
“With a strong free cash flow of USD 3.5bn after the sale of the remaining shares in Total, we have significantly strengthened our balance sheet.
“Net interest-bearing debt has been reduced by USD 2.4bn since Q4 and by USD 7.1bn since Q1 2018.”
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