COPENHAGEN, Denmark (AP) — The world’s biggest shipping company, Denmark’s A.P. Moller-Maersk, said Wednesday that its business dropped only slightly during the second quarter as the COVID-19 pandemic hurt global demand but the outlook for trade is highly uncertain.

The Copenhagen-based group said its revenue declined by 6.5% to $9 billion compared with the same quarter last year. Its profit went up to $443 million from $153 million for the same period last year.

CEO Soeren Skou said the results were strong considering the economic conditions. “We are well positioned to financially and strategically come out stronger of the crisis.”

In a statement, the group said its full-year outlook contained “high uncertainties” related to the pandemic and “does not take into consideration a material second lockdown phase.”

It expects earnings before interest, tax, depreciation and amortization to be between $6 billion and $ 7 billion before restructuring and integration costs.