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Danish shipping and oil group A.P. Moller-Maersk said its net profit nearly tripled in the first quarter due to high oil prices and higher container freight rates, boosting its shares by 7 percent.

Whilst net profit rose to $1.1 billion from $390 million in the same period last year, sales were also up 31 percent to $14.4 billion. The conglomerate also maintained its full-year forecast for sales of about $60 billion and net profit of $3.6 billion to 4.0 billion.

"The oil business and sales gains, mainly from sale of vessels, are the main drivers behind the result improvement, and it is encouraging that the container business is increasing volumes and results ... with increasing bunker prices and while carrying out a global restructuring," Chief Executive Nils Andersen said in a statement.

The company has embarked on a large-scale cost-cutting strategy recently, passing on more bunker expenses to customers and laying off 3,000 employees at the Maersk cargo unit, which ran at a loss in 2006 and 2007. Losses at the container shipping unit were down to $47 million from $198 million in the first quarter last year, lower than the $200 million loss expected by many market analysts.

Maersk said it was also still considering selling non-strategic assets, which could improve net profit by about $800 million.

Meanwhile, Maersk Oil & Gas, the Nordic region's second-biggest oil explorer, raised its sales volume by 20 percent in the first quarter, helped by new operations in Qatar. Maersk is now active in the North Sea, Algeria, Qatar and Kazakhstan and benefits from increases in oil prices over time. However, this is offset by rising bunker costs that cannot be passed on quickly to customers.

So far this year, higher oil prices have had a neutral to slightly positive effect on profits, according to Andersen. As long as the oil division continues to make more profit than the shipping units lose, Maersk should continue to benefit from the current trends in the energy markets.