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PARIS, May 19 (Reuters) - Container shipping group CMA CGM posted higher profits in the first quarter, helped by improving results at recently acquired NOL, and said it expects improving freight rates to boost its operating profits further in the current quarter.
The French-based group reported on Friday a first-quarter net profit, including Singapore-based NOL which it consolidated in June last year, of $86 million compared with a $100 million loss in the same period of 2016.
This was also above the $45 million net profit it recorded in the previous quarter when the privately held firm returned to profit after heavy losses earlier in 2016 during a severe downturn in container shipping. (Reporting by Gus Trompiz; Editing by Leigh Thomas)