Maersk raises profit forecast, plans share buyback

[COPENHAGEN] Danish shipping and oil group AP Moller-Maersk yesterday raised its full-year profit guidance and announced a share buyback programme after posting second quarter results above analysts' expectations.

The company now sees its full-year underlying profit, excluding discontinued operations, impairment losses and divestment gains, at US$4.5 billion, above a previous guidance for US$4.0 billion.

The result will be boosted by its container shipping segment, Maersk Line, which the group now expects to earn profits "significantly" above those in 2013. It is the second time the firm raised its outlook this year, despite difficult conditions in the container shipping market.