A.P Moller-Maersk shows strength amid trade tension
24 May 2019 - by
A.P Moller-Maersk posted strong results despite headwinds facing global freight in the face of escalating trade tension between the leading economies of the US and China.
According to the cargo carrier it closed the first quarter (Q1) of the year with a 33% increase in earnings before interest, tax, depreciation and amortisation (Ebitda).
This Q1 increase translates into $1.2 billion, the company said.
It added that year-on-year for the same period, its revenue had grown 2.5% to $9.5 billion.
“Operating cash flow also improved significantly to $1.5 billion and free cash flow was $3.5 billion,” a statement said.
A.P Moller-Maersk CEO Soren Skou said “we have significantly strengthened our balance sheet.
“Net interest-bearing debt has been reduced by $2.4 billion since Q4 last year and by $ 7.1 billion since Q1 in 2018.”