Maersk posts profit drop

COPENHAGEN, November 2, 2016 – Denmark’s Maersk announced on Wednesday that its profits had dropped some 43% year-on-year in Q3, triggering a drop in share prices.

According to company data, net profit was USD 429 million, down from USD 755 million in Q3 of 2015. Analyst expectations cited by the Wall Street Journal were at USD 496 million.

“The result is unsatisfactory, but driven by low prices,” said CEO Søren Skou in a statement. “The implementation of the new strategic direction and the restructuring of the group is progressing, and we look forward to sharing further details at the Capital Markets Day on 13th of December.”

In September, Maersk announced that it would split its five core businesses into two units to improve efficiency and to counter the effects of low oil and gas prices and a global shipping downturn.