CMA CGM profit collapses on ocean ‘slowdown’

CMA CGM on Monday said group net income fell 72.6% to $749 million from $2.73 billion on revenue down 11.3% to $14.042 billion from $15.834 billion in the year-ago quarter. The privately-held company headquartered in Marseilles said results were “significantly impacted” by geopolitics and trade tensions centered in the United States with a corresponding “slowdown in maritime activity”. Earnings before interest, depreciation, taxes and amortization (EBITDA, or operating earnings) totaled $2.995 billion, a ...