CMA CGM posts Q2 profit

The group saw almost a 60% rise in consolidated net profit to US$268m compared to the same period last year, of which US$249m relates to the re-organisation of port operations, including the sale of its 49% stake in Terminal Link to China Merchants Holdings International.

Consolidated revenue amounted to US$4bn, up 5.6% on the first quarter and down 2.4% year-on-year. The decline reflected a 6.9% increase in volumes carried, to 2.9m teu, even as the group’s average freight rate shrank 8.6% over the period, amid an even sharper contraction in the industry as a whole.

Over the same period the group reduced net debt to US$3.8bn at 30 June, a decrease of some US$385m since the end of March. Equity was also increased to US$4.8bn, up US$363m over the quarter.