CMA CGM achieves healthy operating performance in 3Q

The Board of Directors of France’s CMA CGM, the world’s third largest container shipping group, met under the chairmanship of Jacques R. Saadé to approve the financial statements for the three months ended 30 September 2012.

Revenue amounted to $4.2 billion for the period, up 9% compared with third quarter 2011. Volumes carried stood at 2.7 million TEUs, versus 2.6 million in the prior-year period.

The Group continued to implement its action plan, which generated $550 million in savings over the first nine months of the year, well ahead of its objectives. The French carrier saw $617 million in EBITDA.

In addition, freight rates increased on every trade during the period, further improving its profitability.

As a result, thanks to the successful implementation of its cost improvement plan and the deployment of modern, efficient vessels offering significant economies of scale, CMA CGM Group delivered a solid operating and financial performance in third-quarter 2012.

After depreciation and amortisation, operating margin stood at 13% for the quarter, the best performance announced in the industry.

Net profit came to $371 million in the third-quarter and to $310 million for the first nine months of the year.

In line with previous announcements, CMA CGM Group expects to end the year with a substantial profit. < Korea Shipping Gazette >