Business News

COPENHAGEN, Nov 2, (APP/AFP) – Danish conglomerate A.P. Moller-Maersk said Wednesday that its third quarter profit tumbled 44 percent to $429 million (387 million euros) as low fees pushed its world-leading shipping service into loss. However the company, which is in the midst of splitting off its oil and oil-related businesses, said profit rebounded in these units. Overall, the group’s sales contracted nine percent to $9.2 billion. “The result is unsatisfactory, but driven by low prices,” chief executive Soren Skou said in a statement.