CMB increases profits despite lower revenues

The Antwerp, Belgium based cargo vessel and aircraft operator posted EBITA of $121 million in the first half compared with $39.9 million the previous year.    Compagnie Maritime Belge (CMB), an Antwerp, Belgium based cargo vessel and aircraft operator, reported revenues of $172.2 million for the first half of 2015, down from $252.3 million in the first half of 2014, according to the company’s most recent financial statements.
   Earnings before interest, taxes, depreciation and amortization increased to $121 million in comparison to last year’s first half EBITA of $39.9 million.
   Bocimar, CMB’s dry bulk arm, reported a loss of $86.5 million, in comparison to last year’s first half loss of $9.8 million. The loss of $15.6 million following the sale of the 53,505-ton dwt CMB Biwa, built in 2002, and the 55,000-ton dwt CMB Jialing, built in 2010, was included in this contribution.
   Container activities from subsidiary Delphis generated $6.9 million in earnings. CMB’s Board of Directors approved the acquisition of Delphis’ fleet of containerships in December 2014.
   Bochem, CMB’s chemical tanker arm, reported a $1.9 million profit in comparison to the first half of 2014, in which it posted a loss of $265,000.
   ASL Aviation generated $3 million in profits, a decline from last year’s first half result of $5.7 million.
   Other activities contributed $20.3 million in EBITA for the first half of 2015, much higher than the $1.5 million reported in same period last year. CMB attributed the higher 2015 contribution primarily to capital gains of over $21 million from the sale of its 29 percent shareholding in Anglo Eastern Management Group.