(RTTNews) - A.P. Moller-Maersk A/S (AMKAF.PK, AMKBF.PK) reported that its second quarter profit from continuing operations increased year-on-year to $443 million from $154 million. EBITDA increased improved by 25% to $1.7 billion. Underlying profit from continuing operations was $359 million compared to $134 million.
Second quarter revenue decreased by 6.5% to $9.0 billion, mainly driven by a volume decrease of 16% in Ocean and 14% in gateway terminals, partially offset by increased freight rates and increased revenue per move in Terminals.
CEO of A.P. Møller - Mærsk A/S, Søren Skou, said: "As expected, the second quarter was materially impacted by COVID-19. Our operating earnings improved by 25%, driven by strong cost performance across all our businesses, lower fuel prices and higher freight rates in Ocean and increased profitability in Logistics & Services."
For fiscal 2020, the company reinstated guidance with EBITDA expectations between $6.0 billion to $7.0 billion, compared to the initial full-year guidance of an EBITDA around $5.5 billion.
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