Denmark's Moller-Maersk posts lower second-quarter profit

Danish shipping and oil group AP Moller-Maersk on Friday reported an 11-per-cent drop in second-quarter net profit to 856 million dollars, dpa reported. Turnover in the business period was down 8 per cent year-on-year to 14.16 billion dollars, the conglomerate said. The result was better than analysts had estimated. The group operates container shipper Maersk Line, which reported a profit of 439 million dollars, compared with 227 million dollars year-on-year. The group cited lower costs as a factor, despite pressure on freight rates between Asia and Europe during the first half of 2013. The group's business includes sea transport, offshore oil and gas activities, as well as retail and shipyard operations. A lower average oil price and lower production weighed on results, the group said, but it expected oil production to increase in the second half of 2013. During the business period the group completed five exploration wells. Exploration costs were 380 million dollars, compared with 199 million dollars in the same period of 2012.