SHIPPING UNIT BOOSTS AP MOLLER-MAERSK RESULTS

STOCKHOLM (AP) – Shipping and oil group A.P. Moller-Maersk has posted a 30 percent increase in quarterly profits as higher freight volumes and rates offset falling oil prices.

The Danish company’s net profit rose to $1.47 billion in the third quarter, from $1.13 billion a year ago.

Revenue was $12.2 billion, up from $12.1 billion in the third quarter of 2013.

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The company said Tuesday that revenue was “impacted by higher container volumes, and freight rates as well as higher oil entitlement production, partly offset by a lower average oil price.”

Citing its third-quarter performance, the group’s shipping unit, Maersk Line, raised its projected 2014 profit to “above $2 billion,” from a previous forecast of “significantly above $1.5 billion.”

Company shares rose 0.15 percent to 12,280 kroner ($2,057) in early trading in Copenhagen.

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