French liner carrier CMA CGM said it had a net profit of $361 million in 2012 compared to a loss of $5 million in 2011.
Consolidated revenue rose was $15.9 billion, 7 percent higher than the $14.9 billion in 2011. The company said it carried 10.6 million TEUs, 6 percent more than the 10 million TEUs carried in 2011.
The company said during the year it successfully implemented its “action plan,” which has generated $800 million savings, well ahead of the initial target. EBITDA (earnings before interest, taxes, depreciation, and amortization) improved by a sharp 82 percent, year on year to $1.324 million, for an operating margin (EBIT) of 6.3 percent.
As to the outlook for this year, the company said “in early 2013, freight rates levels are higher than in early 2012. World demand is expected to vary by region, remaining weak inbound Europe but showing more positive trends elsewhere, especially in the United States, Russia and emerging markets, particularly in Asia, Africa and Latin America.” CMA CGM also said it “expects an operating performance for 2013 in line with 2012, based on current market conditions.”
The company said it strengthened its balance sheet with through the sale of a 49-percent stake in Terminal Link for 400 million euros, closing on an $100 million equity injection from Turkey’s Yildirim Group, receiving a $150 million equity injection from the French government’s Fonds Stratégique d’Investissement (FSI), and closing on an agreement with its banks regarding its debt restructuring. – Chris Dupin
CMA CGM reports $361 million profit
