CMA CGM, the financially troubled French ocean container carrier, booked a $1.4 billion net loss in 2009 but returned to profit in the final quarter of the year. The slump into the red from a net profit of $124 million in 2008 was partly due to $548 million of non-recurring expenses, the world’s third largest ocean carrier said.
A “drastic” cost reduction plan delivered nearly $800 million of savings in 2009, the carrier said. But traffic contracted to 7.9 million 20-foot equivalent units from 8.6 million TEUs, a 9 percent drop compared to a 12 percent decline in global ocean container traffic for the industry.