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French CMA CGM reports USD371m profit in Q3  Join our daily free Newsletter

MENAFN - 21/11/2012

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(MENAFN) French CMA CGM, the world's No.3 container shipping group, reported USD371 million net profit during the third quarter year-on-year, and said it was on track for a full-year profit, Reuters reported

The company has been struggling since 2009, pressured by a weak global economy and oversupply of ships.

CMA CGM expected profitability in the fourth quarter after reporting a cumulative net profit of USD310 million in the first nine months of the year.

The group's previously announced cost-reduction programme resulted in USD550 million in savings by the end of the third quarter, surpassing a target of USD400 million for the full year, the company said.

 






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