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AP Moller-Maersk posts Q1 profit

COPENHAGEN, Denmark (AP) -- Denmark's shipping and oil group A.P. Moller-Maersk says its first quarter earnings ticked up 13 percent to 9.5 billion kroner ($1.6 billion), partly due to lower freight costs.

The Copenhagen-based group says revenue for the first three months dropped 2 percent to 79.3 billion kroner ($13.7 billion) from 81.3 billion kroner.

Maersk says its Maersk Line unit had become "more competitive and has gained strength to deal with challenging shipping markets," through lower costs.

CEO Nils S. Andersen said Friday the result was satisfactory, adding the full-year outlook was expected to be below the of the 2012 result of $4 billion.

Maersk shares rose nearly 1.6 percent in early trading in Copenhagen to 41,240 kroner ($7,127).