DP World readies for London listing

Dubai's port operator DP World DPW.DI, said it is on track to list on the London Stock Exchange this year, after posting a 35 percent increase in 2010 profit, Reuters reports.


DP World, considered one of the more profitable assets of debt-laden Dubai World -- said on Wednesday that it provided its full year results to the London exchange, which will decide on the listing soon.


"We are on track for the London listing," chief executive Mohammed Sharaf told reporters on a conference call. "We have submitted the 2010 results to the exchange. It now depends on the process in London. We are hoping to do it as soon as possible."


He declined to give a final date for the listing, although previously Sharaf had said DP World planed to list in the second quarter of 2011.


The company announced a dividend of 0.86 cents, lifting its shares to a five-week high in early trade before dipping 1.3 percent by 0700 GMT.


The port operator's net profit rose to $450 million in 2010, as shipping volumes increased, compared with a profit of $333 million in 2009. Shipping volumes grew by 14 percent last year.


"In the first two months of 2011 we have seen 12 percent volume growth across our consolidated portfolio with further margin improvement from the full year 2010," Sharaf said in a statement.


Revenue rose by 9 percent to $3.078 billion, missing an estimate by Shuaa Capital who expected revenue to reach $3.13 billion.


Sharaf said political unrest in the Middle East and the earthquake in Japan had no impact on the company so far.In December, DP World sold 75 percent of its Australian port operations for $1.5 billion in December to cut debt and focus on emerging markets.


However, the company was silent on any further sale of assets.


"I cant make any comment on that right now but we have always said that we will look at ways to monetise our business," Sharaf told reporters.


DP World's earnings report comes as its parent company Dubai World prepares to sign the final agreement with creditors to restructure $24.9 billion in debt.


The port operator, not included in parent company Dubai World's [DBWLD.UL] debt restructuring plan, is one of the largest in the world and is 80 percent-owned by the state-linked conglomerate.
(Source:http://en.portnews.ru)