COPENHAGEN, Denmark (AP) -- Danish shipping and oil group A.P. Moller-Maersk says it saw its first-quarter underlying profit increase by 18 percent to $1.3 billion, impacted by an after-tax gain from the sale of shares in Denmark's largest bank, but revenues dropped due to low oil prices and low economic growth.
The Copenhagen-based group said Wednesday that revenue in the three-month period decreased by 10 percent or $1.2 billion, and came in at $10.5 billion.
CEO Nils S. Andersen said performance was mainly driven by its shipping activities while Maersk Oil and APM Terminals "were impacted by lower oil prices and lower volumes in oil-dependent markets."
The full-year result was expected at around $4 billion, he said.
Maersk shares dropped 0.8 percent to 13,560 kroner in morning trading in Copenhagen.