Ocean Carrier CMA CGM Boosts Profit
Net income rose 67% to $156 million, CMA CGM reported, despite a 2.1% drop in revenue to $4.11 billion.
The company took advantage of falling oil prices to lower unit costs by 11% and boost profit margin to 7.9% from 4.9%.
The stronger profit announcement at the Marseilles-based company outpaced larger rival Maersk Line, whose earnings in the same quarter fell 7.3% to $507 million.
The third-quarter outlook called for volatility in freight markets, particularly between Asia and Europe.Ìý
