Business News

Feb 8, 4:03 AM EST

Moller-Maersk shares slide as Q4 profits sink further


COPENHAGEN, Denmark (AP) -- Danish shipping and oil group A.P. Moller-Maersk says its losses deepened to $2.7 billion in the fourth quarter from $2.5 billion a year earlier, adding the whole of 2016 had been "a difficult year financially with headwinds in all of our markets."

Revenue for the quarter dropped to $8.9 billion from $9.1 billion.

For the full year, Maersk reported a loss of $1.9 billion, down from a profit of $925 million in 2015.

In September, the group said it was splitting its massive container shipping operations and its energy business into separate companies, in a major shakeup that follows years of declining oil prices and freight rates.

Maersk shares dropped 4.5 percent in Copenhagen trading, to 11,110 kroner ($1,555).

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