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CMA CGM releases Q3 financials

CMA CGM releases Q3 financials

Volumes carried rose by 11% year-on-year to 3m teu, a record for the Group, though the average revenue per container declined by 11.8% year-on-year, with Asia-Northern Europe market rates contracting by more than 45% over the quarter.

During the third quarter, the company reported consolidated EBIT of US$238m, versus US$541m in the same period last year. Excluding non-recurring items, core EBIT stood at US$271m for the period. Consolidated net profit for the first nine months of the year was US$434m, with US$70m of that accrued in the third quarter.

As part of their future P3 operational alliance, the company, along with Maersk Line and MSC, finalised their operating agreements on the Asia-Europe, Transatlantic and Transpacific trades. Subject to the approval of various regulatory authorities, these services will be deployed in the second quarter of 2014.

The company said that given the usual year-end seasonal variations and currently prevailing freight rates, performance in the final three months of the year will likely see a quarter-on-quarter decline.