| Kippreport.com

DP world’s H1 profit flat, cites global climate

August 29, 2012 10:07 by Reuters

Dubai’s DP World, the world’s third largest port operator, reported flat profits for the first half of this year, citing an uncertain global economic climate.

The company, one of the more profitable assets of debt-laden Dubai World, made a profit of $247 million, barely changed from $246 million in the year-earlier period, it said on Wednesday.

Revenue for the six months ended June 30 was $1.53 billion compared to $1.50 billion in the prior-year period.

“The global economic uncertainty seen in the first half of the year has continued into the second half,” Mohammed Sharaf, chief executive of DP World, said in the statement.

The firm said it expects to make investments worth $3.7 billion between 2012 and 2014.
The company’s net debt stands at $3.5 billion, it said.

Tags: DP World, Dubai World, earnings, emirates, H1 profit