DP World records four-fold rise in H1 profit

Monday, 29 August 2011 00:00 - - {{hitsCtrl.values.hits}}

Reuters: Dubai-based DP World, one of the world’s largest ports operators, posted a near four-fold increase in its first-half profit as it booked a $436 million gain from the sale of its Australian port operations last year. First half profits, including the sale, was $705 million compared with $177 million in the same period in 2010, DP World said in a statement on Thursday.

The world’s third-largest port operator sold 75 per cent of its Australian port operations for $1.5 billion last year, and its shares began trading on the London Stock Exchange in June.

Excluding the gain from sale, profits stood at $246 million, compared with $164 million for the same period last year, the company said. Gross volumes in the first half of the year climbed to 26.2 million TEU or twenty-foot equivalent container units.

First-half revenues increased 3 per cent to $1.5 billion, DP World, whose shares began trading on the London stock exchange in June, said.

The company, one of the more profitable assets of debt-laden Dubai World, said it was well-positioned to meet its $3 billion upcoming debt maturity in October 2012. It had $4.1 billion in cash at the end of 30 June, 2011.

DP World bought controlling interest in two port services firms in Suriname last month for an undisclosed amount.