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Dubai Ports Giant First Half Profit Jumps 10 Percent - ASHARQ AL-AWSAT English Archive
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DUBAI, (AFP) — DP World of Dubai, the world’s fourth largest ports operator, said on Wednesday its net profits rose 10 percent in the first half compared with a year ago thanks to strong container turnover.

“Net profit after tax from continuing operations was up 10 percent to 206 million dollars,” DP World said, noting that the result in the corresponding period last year was 188 million dollars.

“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 (twenty-foot equivalent unit) slightly ahead of the prior period has allowed DP World to deliver revenue growth of five percent,” it said.

The return was achieved “despite a small decline in non-container revenues,” it added.

The company did not post any quarterly results.

Revenues hit 1.46 billion dollars, compared with 1.38 billion dollars in the first half of 2009. Consolidated throughput was up seven percent to 13.2 million TEU, compared with 12.3 million TEU previously.

The company had posted 46.3-percent slide in annual profits in 2009 to 333 million dollars compared with the year before.

DP World is a subsidiary of the debt-ridden government-owned Dubai World, but is not included in its restructuring plan, which aims to reschedule debt payments.

It operates 50 terminals in 31 countries.

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Asharq Al-Awsat

Asharq Al-Awsat is the world’s premier pan-Arab daily newspaper, printed simultaneously each day on four continents in 14 cities. Launched in London in 1978, Asharq Al-Awsat has established itself as the decisive publication on pan-Arab and international affairs, offering its readers in-depth analysis and exclusive editorials, as well as the most comprehensive coverage of the entire Arab world.

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