CMA CGM reported a first quarter net profit of $86m compared to a loss of $100m in the same period in 2016, while revenues were up 35.9% in Q1 2017 at $4.62bn, compared to $3.4bn a year earlier boosted by APL.
“In the current shipping context, which is still affected by insufficient freight rates, CMA CGM has continued its positive trend begun end 2016, with further improvement in operating margins and net income,” commented Rodolphe Saadé, the ceo of CMA CGM.
With the integration of APL the French line was able to return its acquisition to profitability with a $26m net profit in Q1 2017.
“For the first time and less than a year after its acquisition, APL has contributed positively to our Group’s results,” Saadé said.
“Although the shipping industry still faces strong headwinds, we are confident our strategy should allow to improve operational results over the next quarter, leveraging the new Ocean Alliance and maintaining our focus in operational efficiency and innovation to the benefit of our customers.”
CMA CGM carried 4.27m teu in Q1 2017 up 34.2% on 3.18m teu a year earlier.
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