The world’s third largest carrier on Friday reported a net profit of $70m for the three months to 30 September, versus a gain of $363m in the comparable period a year ago.
Consolidated revenue amounted to $4.1bn, which is slightly lower than the $4.2bn reported 12 months prior but represents a 1.5% increase over the previous quarter.
Earnings before interest and taxes (EBIT) slipped to $238m from $541m year-on-year while adjusted earnings before taxes, depreciation and amortization (Ebitda) fell to $271m.
CMA CGM, which operated a fleet of 430 vessels with a combined carrying capacity of 1.6 million teu in the third quarter, says volumes carried climbed 11.0% to 3.0 million teu.
In the company's latest earnings report management noted that the group ended the period with cash and cash equivalents of approximately $1.1bn, while net debt stood at roughly $3.7bn.
It also made a point of reminding stakeholders about the recent establishment of a $200m securitisation programme and other positive developments like a Moody’s rating upgrade and the creation of an operating alliance with Maersk Line and Mediterranean Shipping Company.
Going forward, CMA CGM acknowledged that volatility in the containership space will likely continue in the months ahead and warned that lacklustre freight rates and seasonal variables will probably have a negative impact on its performance in the last leg of 2013.
When contacted about the decline in the company’s consolidated result a spokesman was quick to point out that the carrier’s EBIT margin is currently among the highest in the industry and argued that rising volumes are a reflection of its resilience in an otherwise challenging market.
