French liner CMA CGM reported a lower group net profit of $7.6bn for the third quarter after average earnings per teu fell nearly 3% compared to the previous three months, Alphaliner says.
Transportation operations, which contributed almost all of the group’s earnings, showed a quarter-on-quarter revenue decline of 1.9% to $15.7 billion. Meanwhile, operating profit (EBIT) fell 6.7% to $7.5 billion. The company’s operating margin fell below 50% for the first time since the third quarter of 2021.
In addition to lower rates, higher costs also weighed on the line’s earnings: operating expenses increased 8.1% quarter-on-quarter, with bunkers and consumables up 8.3% and shipping costs and third-party land services increased by 19%.
However, Alphaliner says the carrier has so far maintained lifts, which reached 5.67 Mteu in Q3, an increase of 50,000 TEU over the previous three months, while 9-month volumes were virtually identical. to those of 2021, with 16.59 MTEU.
Source: Alphaliner
