DP World's H1 profits soar to $287mn

PORT PROFITS: Dubai World posted profits of $287 million for first half of 2008. (Getty Images)

Dubai-based port operator DP World said on Thursday business had accelerated in the second half of 2008, despite a global economic downturn, after profit in the first half more than doubled.

Still, the shipping industry has reported early indications of weakening growth in some markets, the world's fourth-largest container port operator said.

"Thus far into the second half, our business has continued to perform ahead of the market and report growth over the comparable period last year," the company said on its website.

DP World said first-half profit from continuing operations after tax rose to $287 million, up 122 percent from the year earlier. The group's emerging market business has mitigated a global economic downturn.

"We expect this trend of outperforming the industry to continue through 2008 and anticipate delivering full year results in line with expectations," DP World said.

Shares in the firm have fallen 34 percent so far this year. (Reuters)

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