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Profit holds as revenue drops for CMA CGM

MARSEILLE: March 07, 2016. THE CMA CGM Group reported revenue of US$15.7 billion and an EBIT of US$911 million in 2015, down 6.4 percent year-on-year. Net profit fell 2.9 percent to US$567 million.

CMA CGM AMERIGO VESPUCCI Volumes rose 6.3 percent to 13.0 million TEUs last year as the company benefited from its alliance with China Shipping and UASC on Transpacific and Asia-Europe trades, and an expansion in the Asia-U.S. market where it will place six 18,000 TEU vessels from the end of May.

Additional 2015 highlights included a 60 percent stake in LCL Logistix, a leading 3PL in India; opening new container depots in Africa; and new terminal concessions in Kingston (Jamaica) and Kribi (with partners Bolloré and CHEC) in Cameroon.

Commenting on the results, group vice chairman Rodolphe Saadé said: “Our operating performance once again illustrates the strength of our business model and our capacity to adapt. In a challenging market environment, we continued to roll out our strategy while adjusting our cost and financing structure to best effect.

“The beginning of 2016 was tough and marked by freight rates under pressure. We are therefore strengthening our continuous efforts to adapt and optimize our maritime services as well as our cost reduction program.”

Saadé said CMA CGM’s acquisition of Neptune Orient Lines, currently awaiting approval from various competition authorities, would reinforce the group's position by boosting its competitive edge through economies of scale.

He added that while growth in the container shipping market this year would be dependent on global macroeconomic trends, his company “should continue to deliver above-market growth” as a result of a cost reduction program, rigorous operational practices, optimal fleet utilization, reduction of energy consumption and strict control of spending.

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