COPENHAGEN (dpa-AFX) - Danish business conglomerate A.P. Moller - Maersk (AMKAF.PK, AMKBF.PK) Friday said it is suspending its guidance for 2020, due to uncertainities in the market and financial implications, driven by the impact of the COVID-19 pandemic. Earlier, the group forecast an EBITDA of about $5.5 billion, before restructuring and integration costs, for 2020.
However, based on preliminary figures, the Group said it expects EBITDA before restructuring and integration costs for the first quarter to be about $1.4 billion. While the corona virus has severely impacted the global transport market and supply chains, the company's global operations are running as normal, the Group said.
The Group added that the suspension of the guidance would not have any impact on its ongoing share buy-back program as well as proposed dividends for 2019.
Søren Skou, CEO, said in a statement, '...Ensuring the health and well-being of our employees and supporting our customer's needs remain our number one priority'. He added, 'We consequently expect to deliver a Q1 2020 which is better than Q1 2019, despite declining volumes across our businesses, driven by the COVID-19 pandemic.'
Copyright RTT News/dpa-AFX
© 2020 AFX News
