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AP Moller-Maersk Q3 profit rises by 21 percent

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November 13, 2013 03:01 AM EST | AP


COPENHAGEN, Denmark (AP) — Denmark's shipping and oil group A.P. Moller-Maersk says its profits rose by 21 percent in the third quarter amid strong bottom-line results from its terminal, container shipping and drilling activities.

The Copenhagen-based group says net profit increased to 6.7 billion Danish kroner ($1.2 billion) from 5.6 billion kroner a year earlier and raised its earnings forecast for the full year to $3.5 billion from $3.3 billion.

Revenue dropped by 6 percent to 82.1 billion kroner from 87.3 billion kroner, partly due to lower container freight rates and lower share of oil production.

It said most of its businesses performed well, except Maersk Oil which saw its profits fall due to a lower share of production from its fields.