CMA CGM returns to the black in Q1
CMA CGM returned to the black in the first quarter as revenue rose on the back of higher shipping volumes.
The French container carrier recorded a first quarter net profit of $102m as against a net loss of $240m in the same period of last year.
Revenue during the quarter increased 6% year-on-year to $3.8bn, driven by a 3% rise in volumes moved which totalled 2.7m teu.
CMA CGM also reported that its net debt shrank by a considerable $1.1bn to stand at $4.2bn as at 31 March 2013.
Looking ahead, CMA CGM is hoping to produce better than average results, betting on its diversity of geographic exposure and its ability to manage its cost structure.
“Since the Chinese New Year, freight rates have declined considerably, especially in the Asia/Europe market,” the company said.
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