COPENHAGEN - Danish oil and shipping group A.P. Moller-Maersk reported first-quarter net earnings above forecasts on Wednesday as the decline in shipping fuel costs more than offset a drop in freight rates. The net result was also helped by income from the sale of a stake in Danske Bank, the country’s largest lender, while lower oil prices weighed on the conglomerate’s oil production unit. The group said it now expects a full-year underlying result of around $4 billion, a slight upgrade from its earlier guidance for a result “slightly below” $4 billion. Denmark’s largest company by revenue said net profit rose to $1.57 billion in January-March from $1.13 billion a year ago, beating a forecast of $1.13 billion. Revenues fell in the quarter to $10.5 billion from $11.7 billion a year ago, slightly below expectations of $10.9 billion. “The bottom line looks better than expected but there are two causes; firstly the divestment of Danske Bank counts in more positively than expected; and secondly a 170 million dollar deferred tax income due to a lower oil tax in the U.K,” Nykredit analyst Ricky Rasmussen said. Maersk said it would sell its long-held 20 percent stake in Danske Bank in February when it announced its full year results.