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CMA CGM posts US$7.1 billion Q3 profit, up 317pc

Author:   Posttime:2021-11-23

FRENCH shipping giant CMA CGM, the world's No 3 container shipping line, said third quarter net profit rose to US$5.6 billion from $567 million in the same period last year, while operating profit rose from to $7.1 billion to $1.7 billion.

"The pressure on effective shipping capacity for consumer goods observed since the summer of 2020 is expected to persist until at least the first half of 2022," CMA CGM said.
"The current context is likely to enable the group to achieve an even stronger financial performance during the fourth quarter," said a company statement.
The group, which is privately controlled by the Saade family, had increased its shipping capacity by nearly six per cent in the year to September, said Reuters.
Rising profits have helped CMA CGM accelerate investments this year, including the planned acquisition of a port terminal in Los Angeles for $2 billion.
The group also said its net debt had fallen sharply, standing at $11.9 billion as of September 30, down $4.9 billion compared with the end of last year.

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