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CMA CGM back in the black for Q4, reports $452m full year loss

CMA CGM back in the black for Q4, reports $452m full year loss
CMA CGM returned to profitability in the fourth quarter of 2016 despite racking up a $452m loss of the year as a whole.

The world’s third largest container line, that integrated NOL/APL from the middle of the year, reported a Q4 2016 net profit $45m, compared to a $46m net loss in the same period a year earlier. Excluding the addition of APL CMA CGM made a $85m net profit in Q4 last year. The line reported revenues of $4.57bn for the fourth quarter of 2016, compared to $3.57bn a year earlier.

For 2016 as whole though, in line with the rest of the industry, CMA CGM reported a net loss of $425m compared to a $567m profit in 2015.

“2016 has been a landmark year in the history of our development, with the strategic acquisition of NOL and the creation of Ocean Alliance, which will fully contribute to the Group’s performance in 2017,” commented Rodolphe Saadé ceo of CMA CGM.

The integration of NOL/APL the company said it saw a 5% increase in volumes in Q4 compared to the previous quarter and added 24 new services.

“With the increase in freight rates observed in recent months and the operational discipline that we apply quarter after quarter, we recorded a positive result in the 4th quarter and delivered one of the best performances in the industry.”

Looking ahead Saadé said the market was expected to continue its recovery this year.

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