MARSEILLES' CMA CGM, the world's third largest carrier, has posted a first half net profit plunge of 258 per cent to US$237 million year on year, drawn on revenues of $7.3 billion, an increase of eight per cent.
During the first half, the big French carrier moved more than 4.8 million TEU, an increase of 9.1 per cent, outperforming the projected eight per cent rise for the market.
The company expects to make a profit in 2011, adding that the market will remain tough in the third quarter, but anticipates improvement in the last quarter, said chief financial officer Michel Sirat.
CMA CGM also experienced a five per cent increase in volume in its South American and Caribbean trades, reported Reuters with transatlantic loops showing a six per cent rise while transpacific strings increased 11 per cent.
Mr Sirat said the decline in first-half net profit reflected an decrease in unit revenue, which fell two per cent compared to the same period of 2010 and seven per cent compared to the second half last year.
Mr Sirat said the carrier expected to achieve full-year volume growth of eight per cent although the market context is complicated and volatile.
