French container shipping group CMA CGM third quarter results outperformed the industry, with significant increases in revenue and volume.
The global transporting company said in a stock exchange annoucement that its volumes have risen 5.5 percent and revenue is up 6.3 percent compared to the third quarter in 2017. The group's net income was $103.1 million.
CMA CGM’s Chief Executive Rodolphe Saade had said he expected a strong third-quarter, helped by brisk China-U.S. shipments, while warning that a full-blown trade war between the world’s two biggest economies could hurt volumes.
"In a context of sharply rising fuel prices, CMA CGM core EBIT margin recorded a significant increase compared to the second quarter of 2018, at 4.0%. In a market growing by 2.5% to 3%, the increase in volumes shipped by CMA CGM demonstrates our commercial drive and the quality of service offered to our customers," he said.
CMA CGM posted third-quarter 2018 operating income of USD 241 million, representing a core EBIT margin of 4.0%, as compared to 1.2% in the previous quarter. This confirms the performance improvement announced last September for the second half of the year.
This performance is the result of the Group's ability to leverage its size and global network to maximize its revenues, despite the rise in fuel price.
The Group’s share of consolidated net income amounts to USD 103.1 million in the third quarter, up from USD 22.7 million in the previous quarter.
