CMB Group has announced its financial results for the full year 2014. It has reported revenue of $494.89m, an increase of 12.42% year-on-year. The company also recorded an EBIT loss of $52.25m, which represented a decline from EBIT of $4.98m in 2013. Accordingly CMB’s margin stood at -10.56%.
The loss was primarily the result of the company’s dry bulk business Bocimar, which recorded a loss of $45.51m for 2014. This was largely attributed to considerable overcapacity which pushed down freight rates and the capital loss on the sale of the vessel Mineral Manila.
CMB’s air freight venture ASL Aviation contributed $12.66m to the operating result, though this result still represented a decline of 1.58% year-on-year. The company states that this was the result of underlying difficult market conditions prevailing across the aviation industry.
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