Denmark's Moller-Maersk upgrades full-year outlook after Q2 results nearly triple

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Denmark's shipping and oil group A.P. Moller-Maersk is upgrading its full-year outlook after posting a second-quarter profits that nearly tripled, saying earnings were up because of gains from the sale of a majority stake in its retail business, higher freight volumes and lower costs.

Overall profit jumped to $2.3 billion in the three-month period that ended June 30, from $856 million. The group had revenues of $12 billion against $11 billion in the same period last year.

The Copenhagen-based group said Tuesday it expects results for 2014 to be "significantly above" the 2013 results of $3.8 billion, and the underlying result to be $4.5 billion, up from expectations of $4 billion.

CEO Nils S. Andersen said the results were "achieved in challenging markets."

The group posted results in U.S. dollars.