COPENHAGEN – Shares in Danish conglomerate A.P. Moller-Maersk A/S tanked after the company reported a 43 per cent slide in third-quarter profits in the wake of low container freight rates and oil prices.
The company said its profit during the July to September period fell to $429 million from $755 million in the same period in 2015. The decline was accompanied by a 9.1 per cent fall in revenues to $9.2 billion.
CEO Soren Skou conceded that profit this year would likely be “significantly below” last year’s.
Shares in the company dropped 8 per cent in Copenhagen trading to 9,280 kroner.
In September, the group split its massive container shipping operations and energy business into separate companies, in a shake-up following years of declining oil prices and freight rates.
Results were posted in U.S. dollars.