DP World full-year profit up 35%, sees further growth in 2011

State-backed ports operator said Arab unrest won’t hit revenues in coming year
DP World full-year profit up 35%, sees further growth in 2011
Dubai ports, Dubai logistics
By Joanne Bladd
Wed 23 Mar 2011 09:56 AM

DP World, the Dubai state-controlled port operator, said
2010 profit rose 35 percent, helped by increased trading volumes and
cost-efficiencies.

Profit for the year was $450m up from $333m a year earlier,
the company said in a statement to Nasdaq Dubai on Tuesday.

DP World, a unit of state-backed Dubai World that is seeking
to restructure $24.9bn of debt, said revenue for the year rose nine percent to
$3.1bn, up from $2.8bn in 2009.

Shipping volumes rose 14 percent.

Chief executive officer Mohammed Sharaf said the company expected further
growth in 2011.

“In the first two months of 2011 we have seen 12 percent volume growth
across our consolidated portfolio with further margin improvement from the full year
2010,” he said in a statement.

 "Despite continuing
economic fragility and political turbulence in some parts of the world, given
the geographic spread of our portfolio, we remain confident that we will make
further progress in 2011.”

The
ports operator is 77 percent owned by Dubai World. DP World in
December sold 75 percent of its Australian port operations to Citi
Infrastructure Investors - a deal valued at $1.5bn – in a bid to reduce net
debt.

The
ports operator said in February it was under no pressure from Dubai government
to sell assets for debt repayments.

DP
World has said it plans to list in London in the second quarter of the year.

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