AP Moller-Maersk has reported a lower than expected profit in the third quarter on the back of a loss from Maersk Line.

In its first financial report after its strategic review, the Danish giant delivered net profit of $438m, lower than the $778m last year and the $490m expected by analysts.

Boxship owner Maersk Line reported a loss of $116m, against earnings of $264m in the corresponding quarter of 2015.

The group’s revenue decreased by $933m to $9.18bn, predominantly due to a 16% decline at Maersk Line.