Maersk adjusts earning forecast

(MENAFN) A.P. Moeller-Maersk decided to raise its profit forecast for the year after the shipping and oil company had better results in the second quarter than expected, Time of Oman reported. Net profit fell in the three months period ended June 30 by 15 percent hitting USD801 million, but the loss is lesser than the expected figure as income was forecasted to reach only USD545 million. Due to a decrease in shipping rates and in oil production and prices the company sales slumped by 9 percent down to USD14.45 billion. The shipping giant said in a statement that the container transport business had a minor growth globally and that volumes increased by 2 percent so the company tried to maximise the use of its vessels to reduce costs. "The outlook for container transportation remains challenging as demand is expected to continue to be weak in 2013," the statement said.