• 2012 September 11 15:04

  CMA-CGM makes $178m profit in Q2

  

  French privately owned container shipping company CMA CGM reported a net profit of US$178 million in the fiscal second quarter ending June 30 after the company's revenue rose 12 percent to US$4.15 billion in the period due to higher freight fees, Cargonews Asia reports.
  
  "After a first quarter that was challenging for the whole shipping industry, [the] environment strongly improved in the second quarter with a significant recovery of freight costs," the company said in a statement.
  
  Additionally, the company managed to save $294 million in the first half of the year due to a savings plan aimed at cutting $400 million in costs in the full year.
  
  The company said its operating margin in the period rose to 11 percent, but it didn't provide data on profit margin or net profit for the second quarter in 2011.
  
  CMA CGM, which is controlled by Jacques Saade and his family, had trouble as a result of rising international oil prices, a slowing economy in Europe and a heavy debt burden.

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