MARSEILLE-based CMA CGM, the world's third largest carrier, has announced its third quarter results, experiencing a net profit of US$371 million, drawn on nine per cent increase in revenue to US$4.2 billion.

Its net profit for the first nine months came to $310 million, reversing the $248 million deficit it posted in the first quarter of the year.

 The French carrier was satisfied with its performance, which was reflected by a quarterly EBITDA (earnings before interest, tax, depreciation and amortisation) of $617 million.

 The carrier said in a statement its third quarter profitability was "close to CMA CGM's historic highs" due to higher freight rates on all trade routes and better-than-expected cost savings result. Also, its 13 per cent operating margin in the quarter was also an industry best, according to London's Port Technology International.

 In July-September period, the carrier handled a total of 2.7 million TEU, up 3.8 per cent compared to 2.6 million TEU carried in the same period last year.

 The carrier said it succeeded in generating $550 million in savings over the first nine months, well ahead of its target.

 Looking ahead, CMA CGM expects to make "a substantial profit" at the end of the year.

(Source:world maritime news)