Tanker profits boost CMB’s results
CMB more than doubled its group net profit in 2003, to 60 million euros ($74 million), as its tanker arm Euronav moved back into the black. The group profit compares with a net profit of 25 million euros in 2002.
The tanker shipping arm made a profit of 53 million euros ($66 million) last year, as compared to a loss of 18 million euros in 2002. By contrast, CMB’s dry bulk arm, Bocimar, incurred a deficit of 60 million euros ($74 million), slightly worse than its 59 million euros loss for 2002.
Group revenues at the Belgian bulk shipping company decreased to 497 million ($616 million) in 2003, from 806 million euros, following the spin-off of the group’s former gas shipping unit, Exmar.
Group income from ordinary activities improved to a profit of 3 million euros ($4 million) last year, up from a loss of 84 million euros in 2002.