France’s CMA CGM announced a net profit of US$361 million for 2012, up from a $5 million loss in 2011, on the back of volume growth and cost cutting.
The Marseilles-based carrier, the world’s third largest shipping group, recorded revenue of $15.9 billion last year, up 7 percent from $14.9 billion the preceding year.
Its strong performance was boosted by a 6 percent growth in volumes carried, to 10.6 million TEUs (20-foot-equivalent units) from 10 million TEUs in 2011, and $800 million in savings, well ahead of the initial target, the company said in a statement.
EBITDA (earnings before interest, taxes, depreciation, and amortization) improved by 82 percent year-on-year to $1.3 billion from $729 million, for an operating margin (EBIT) of 6.3 percent, the industry’s highest as yet announced.
For 2013, CMA CGM expects its operating performance to be “in line with 2012, based on current market conditions.”
Photo: jdnx
