AP Moeller group posts 1997 $ 563 million pre-tax profit

Jun 09, 1998 02:00 AM

Apr. 8, 1998 AP Moeller, Denmark's largest shipping group and one of the biggest publicly traded shipping companies in the world, reported a 1997 pre-tax profit of $ 563 mm.
Last year's net sales showed 25 % increase from 1996 to $ 5.82 bn. Net profit was $ 366 mm slightly up from the year before.
The Copenhagen-based company increased its core container-shipping business in the face of stiff competition, the company said. Because of the competition, the company is seeking "enhanced efficiency drives and continued cost cutting."
The group also holds concessions for oil and natural gas recovery for the Danish part of the North Sea continental shelf.

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