DP World first half year profits rebound

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DP World posted strong results for the first six months of 2011 of $741mn, up from US$219mn in the same period last year, which was boosted by the one-time gain for the Australia business.

 

Excluding the sale of the Australia business and other adjustments, the DP World’s profits was up 36 percent to US$281 mn, DP World said in a statement..

Gross volume growth was 11 per cent ahead of the prior year, leading to good revenue growth across DP World's terminals.

The proceeds of this transaction, along with the stronger performance of our terminals, have also reduced our net debt to US$3.7 billion.

In the UAE region, volume growth of 11 per cent resulted in revenue of US$455 mn, with container revenue growth of 13 per cent and non-container revenue growth of 8 per cent. The ports operator has seen the UAE benefit from improved economic growth driven by an increase in trade, tourism and investment in infrastructure.

Chief Executive, Mohammed Sharaf commented: “DP World has had an excellent start to the year with gross volume growth 11 per cent ahead of the prior year. Our global portfolio, focused on both origin and destination cargo and in the emerging markets, is now more robust and better positioned to deliver profitable growth.

“Historically the second half of the year has been stronger than the first half. However there is uncertainty around the outlook for the global economy making it more challenging to forecast how global trade will develop in the second half of the year,” Sharaf added.

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