French shipping group CMA CGM has released its financial results for the third quarter of the year, with revenue rising but overall net income tumbling.
Revenue rose 6.3 per cent to a nominal US$6.06bn, while voumes carried climbed 5.5 per cent to 5.26m TEUs.
However, operating income took a hit, down 57.5 per cent to US$241m, while net income group share fell 68.1 per cent to US$103.1m.
'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 per cent,' said Rodolphe Saadé, chairman and CEO of the CMA CGM Group. 'In a market growing by 2.5 per cent to 3 per cent, the increase in volumes shipped by CMA CGM demonstrates our commercial drive and the quality of service offered to our customers. We continue to pursue the development of the CMA CGM Group.'
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