COPENHAGEN (dpa-AFX) - Danish container logistics major A.P. Moller - Maersk
A/S (AMKAF.PK, AMKBF.PK) reported Thursday that its first-quarter net income
group share plunged to $177 million from last year's $2.28 billion.

Earnings per share were $11, down from $131 a year ago. Underlying profit was
$210 million for the quarter, compared to prior year's $2.56 billion.

Profit before financial items or EBIT declined to $177 million from last year's
$2.33 billion.

Profit before depreciation, amortisation and impairment losses, etc. or EBITDA
was $1.59 billion, down from last year's $3.97 billion.

Underlying EBITDA was $1.60 billion, compared to $4.04 billion a year ago.
Underlying EBITDA margin was 12.9 percent, down from prior year's 28.4 percent.

Revenue for the quarter declined to $12.36 billion from last year's $14.21
billion, mainly due to weakness in Ocean.

A.P. Moller - Maersk's results for the quarter were marked by increasing volumes
while rates continued to be under pressure versus previous year.

CEO of A.P. Møller - Mærsk, Vincent Clerc, said, 'We have had a positive start
to the year with a first quarter developing precisely as we expected. Demand is
trending towards the higher end of our market growth guidance and conditions in
the Red Sea remain entrenched.'

Looking ahead, A.P. Moller - Maersk raised the lower end of its financial
guidance with an underlying EBITDA in the range of $4 billion to $6 billion,
compared to previously expected $1 billion to $6 billion. The company said the
strong container market and the Red Sea/Gulf of Aden disruption is likely to
remain into the second half of the year.

Underlying EBIT is now expected in the range of negative $2 billion to $0.0
billion, while previous outlook was negative $5 billion to $0.0 billion.

The company noted that with the Red Sea crisis still ongoing, plans are made for
the current rerouting south of the Cape of Good Hope to be extended potentially
for the remainder of the year, while A.P. Moller - Maersk still expects
overcapacity to prevail which implies lower rates during the second half.

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