Copenhagen - AP Moeller-Maersk A/S reported an 84% plunge in 2015 profit after its oil unit was hit by lower energy prices and its container division got squeezed between sluggish trade growth and overcapacity.
Maersk said net income was $791m last year compared with $5.02bn in 2014. That compares with a median estimate of $3.7bn in a Bloomberg survey of 16 analysts. The result includes a writedown in the value of Maersk’s oil assets by $2.6bn, the Copenhagen-based company said.
In October, Maersk started cost cut programs for both of its two biggest units to address what analysts have described as a perfect storm for the conglomerate, which historically has found support from positive market conditions for at least one the two divisions.
Maersk said Wednesday that 2016’s underlying profit will be “significantly below” last year’s $3.1bn.
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