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FINANCIAL NEWS
DP World’e net profit rises 10% in H1
18 Aug 2010
(MENAFN) Chief executive of Dubai government-controlled port operator DP World said that the company’s net profit climbed 10 percent in the first half of this year thanks to recovery in container volumes, Reuters reported.
The official said that net profit after tax from continuing operations jumped to $206 million. He expected that second-half results should also be better, driven by seasonal trade flows.
The official attributed the increase to contribution from new terminals, in addition to ongoing improvement in non-container revenues and continued cost management, also boosted profit in the first half.
First-half revenue was up 5 percent to $1.46 billion, while adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) rose 8 percent to $580 million.
DP World, not included in parent company Dubai World’s debt restructuring plan, is one of the largest port operators in the world and is 77 percent owned by the state-linked conglomerate.
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