"Our operating earnings improved by 25 percent, marking the eighth consecutive quarter with year-on-year improvements," A.P. Moller-Maersk CEO Soren Skou said in a press release on Wednesday.
Earnings before interest, tax, depreciation, and amortization (EBITDA) improved to 1.7 billion U.S. dollars as the EBITDA margin increased from 14.1 percent in Q2 last year to 18.9 percent, said the press release.
"As expected, the second quarter was materially impacted by COVID-19 and our focus remained on protecting our employees from the virus, serving our customers by keeping our global network of ships sailing and our ports, warehouses, and inland transportation networks operating, and helping the societies we are part of fight the virus," said the CEO.
The strong profits result flies in the face of a dip in revenue during Q2 of 6.5 percent to 9 billion dollars during a period when Maersk had fewer containers to transport around the world during the COVID-19 crisis.
Looking ahead, Maersk predicts a continuing fall in container shipping during the COVID-19 crisis but sees its logistical services being the key to maintain and improve the ability of the company to continue making money.
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