CMA CGM enlarges 2Q figures

CMA CGM reviewed the financial statements for the three months period ended June 30, 2012.

During the quarter, CMA CGM’s revenue rose by 12% year-on-year to $4.149 billion, reflecting a sharp acceleration in business growth. In all, 2.7 million TEU were carried during the period, up 8% over the second-quarter of 2011.

Following a first quarter that was challenging for the entire maritime container shipping industry, the second-quarter of 2012 saw a clear improvement in the market environment with a very substantial upturn in freight rates.

In addition the group continued to implement its action plan, which has delivered $294 million savings over the first six months of 2012, well ahead of the initial $400 million target for full-year cost savings.

In this environment, CMA CGM reported $460 million in EBITDA for the second quarter. Also the carrier saw its net profit amounted to $178 million for the period.

The second quarter’s favorable trends have continued since July, and the group expects that its operating and financial performance will still be highly positive in the third quarter. As a result, it has confirmed its forecast of reporting a profit for the full year. < Korea Shipping Gazette >