CMB Tech's profit drops in fourth quarter, but beats market view

CMB.TECH NV

27/02/2025 06:49

Feb 27 (Reuters) - Belgian oil tanker group CMB Tech CMBT.BR said on Thursday its profit sunk 76% in the fourth quarter amidst slow tanker and dry bulk markets, although it still beat market expectations.

The group, formed after Euronav's takeover of Compagnie Maritime Belge last year, reported a net gain of $0.48 per share for the final quarter of 2024, compared to $2.01 a year earlier. Analysts were expecting $0.21 per share on average, LSEG's ​IBES data showed.

"After a strong start to 2024, tanker spot rates have retreated to lower levels, failing to gain momentum during the traditionally stronger Q4 period," CMB Tech said in a statement.

 (Reporting by Enrico Sciacovelli in Gdansk, editing by Milla Nissi)

 ((Enrico.Sciacovelli@thomsonreuters.com; +48587720309;))