DP World’s net income increases to USD374.8m in 2010

26 Mar 2011

(MENAFN) DP World chairman, Sultan Ahmed bin Sulayem, stated that the Dubai ports operator’s net income reached USD374.8 million from last year’s USD332.9 million, reported Times of Oman.

Bin Sulayem also said that the company’s full year profits rose 13 percent supported by a rise in profit margins and global trade. He said that the increase in profits was higher than what was estimated.

The chairman of the world’s fourth-largest port operator added that the company handled 27.8 million 20-foot-equivalent (TEU) containers in 2010 at DP’s 28 terminals all over the world.

It is worth noting that DP World had signed a USD1.5 billion deal with Citigroup by which the latter bought a 75 percent stake of DP’s unit in Australia. DP said that the deal was aimed at focusing on more profitable markets than Australia as well as reducing DP’s debt.

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