Port operator's net income soars on back of part-sale of Australian terminals
DP World, the world’s third-biggest port operator, said profit climbed 82 percent last year, helped by gains from the part-sale of its terminals in Australia.
Net income rose to US$683m from US$375m a year earlier, the Dubai-based company said in statement to Nasdaq Dubai today. Profit before separately disclosed items rose 23 percent to US$459m, it said.
“2011 has been another good year for DP World with the second half of the year delivering a better performance than the first half,” CEO Mohammed Sharaf said in the statement. “This improved performance was achieved despite a deteriorating global economic backdrop in the second half.”
Earlier this month, the company announced that it will pay a US$3bn loan in April, six months before it matures in October.
DP World said that the loan would be paid off using existing funds generated from its $4.2bn cash pile.
As a result, the company said that its total debt would now total approximately US$4.7bn, while its existing cash balance would total US$1.2bn.
DP World said that the cash repayments would allow it to cancel US$2bn of the existing revolving credit facility, while the US$1bn undrawn facility would be replaced by a new five-year credit agreement for the same amount.
The firm said it was in the process of finalising that deal with banks, adding that it had no immediate need to draw down the new facility.For all the latest transport news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.