COPENHAGEN, Denmark – 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.
Fox News' "Antisemitism Exposed" newsletter brings you stories on the rising anti-Jewish prejudice across the U.S. and the world.