DP World first half profit up 10%

Dubai government-controlled port operator DP World said first-half net profit rose 10 percent on a recovery in container volumes, and second-half results should also be better, driven by seasonal trade flows.

Net profit after tax from continuing operations rose to US$206 million.

Chief executive Mohammed Sharaf said contribution from new terminals, in addition to ongoing improvement in non-container revenues and continued cost management, also boosted profit in the first half, reported Reuters.

"Uncertainty lingers over the sustainability of global trade volumes in the second half," Sharaf said. "We are on track to meet full-year results in line with our expectations."

First-half revenue was up five percent to $1.46 billion, while adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) rose eight percent to $580 million.

"The return of container volume growth across our portfolio in the first half of the year and our success in maintaining container revenue per TEU slightly ahead of the prior period has allowed DP World to deliver revenue growth of five percent despite a small decline in non-container revenues," said the company, which is aiming for a London listing of its shares.

First-half container volumes climbed seven percent, on a consolidated basis, to 13.2 million TEUs.
(Source:www.cargonewsasia.com)