Significant rebound in profitability; Among the best operating performance of the Industry
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 review the financial statements for the three months period ended 30 June 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 TEUs were carried during the period, up 8% over second-quarter 2011.
Following a first quarter that was challenging for the entire maritime container shipping industry, second-quarter 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,
- Resulting in an EBITDA margin of 11%, the industry’s best performance.
- Net profit amounted to $178 million for the period.
The second quarter’s favourable 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.
About CMA CGM
CMA CGM is the world’s third largest container shipping company and is ranked number one in France. Operating a fleet of 394 vessels, the Group serves more than 400 ports around the world. In 2011, it carried more than 10 million TEU (twenty-foot equivalent units). With a presence on every continent and in 150 countries through its network of 650 agencies and branch offices, the Group employs 18,000 people worldwide.