DP World says H1 volumes rise to boost profitability
Sees "significant improvement" in H1 profit due to strong volumes; Gross volumes climb to 26.2 mln TEU, up 11 pct; Volumes driven by Asia Pacific, UAE, Africa, Americas
July 26, 2011 10:24 by Reuters
DP World, on Tuesday, said an 11-percent rise in container volumes for the first half of the year, would result in “significant improvement” in the port operator’s profitability for the period.
Gross volumes in the first half of the year climbed to 26.2 million TEU or “twenty-foot equivalent container units”*, driven by strong growth in the Asia Pacific, United Arab Emirates, Africa and Americas regions, DP World said in a statement on Tuesday.
DP World — considered one of the more profitable assets of debt-laden Dubai World — said its consolidated terminals handled 13.5 million TEU in the first six months of the year.
“The strong container volumes seen in the first half of the year will result in a significant improvement in first half profit after tax against the same period last year,” Mohamed Sharaf, the firm’s chief executive said in the statement.
The world’s third-largest port operator sold 75 percent of its Australian port operations for $1.5 billion last year and its shares began trading on the London Stock Exchange last month.
DP World bought controlling interest in two port services firms in Suriname last week for an undisclosed amount.
DP World made a net profit after tax from continuing operations of $206 million in the first six months of last year. (Reporting by Jason Benham)
*Kipp note: Twenty Equivalent Unit (TEU) means one 20-foot standard container.