News / CMA CGM unveils billion-dollar cost-cutting plan as profits tumble

Port of Los Angeles

CMA CGM is to attempt to shave $1.2bn off its costs as it consolidates its position following acquisitions.

The French carrier announced the plan as it revealed its 2018 results, which saw record revenues of $23.48bn, up 11.2%.

This, however, translated into a pre-tax profit of $167.7m, down from $800.7m a year earlier.

Operating expenses rose from $18.9bn to $22.3bn, while core ebit was $610.4m, down from $1.57bn, following a 33% increase in fuel prices.

Volumes in teu were up 9.3% and the line ...