A.P. Moeller Expects Good Results

Danish shipping and oil group A.P. Moeller, Denmark's biggest private enterprise, said that it expects full-year 2000 earnings of its two main business areas to exceed 1999 levels. "For the year 2000 the combined shipping activities are expected to generate a result before special items that is somewhat above the result for 1999." "After special items and after tax a result significantly above that of 1999 is expected," the group said.

"Oil and gas production in the North Sea is estimated to be about that of 1999. Due to an expected increase in the average oil price the result is expected to be somewhat above that of 1999," A.P. Moeller said.

In 1999, consolidated operating profit rose 71.2 percent to 5.77 billion crowns ($740 million), exceeding the mean forecast of 5.35 billion crowns in a poll of analysts.