DP World profit surges on Australian port sale

Dubai ports operator saw nearly four-fold jump in H1 profit to $705m
DP World profit surges on Australian port sale
DP World booked a $436m gain from the sale of its Australian port operations
By Reuters
Thu 25 Aug 2011 10:08 AM

DP World, one of the world's largest ports operator, posted
a near four-fold increase in its first-half profit as it booked a $436m gain
from the sale of its Australian port operations last year.

First half profits, including the sale, were $705m compared
with $177m in the same period in 2010, DP World said in a statement on
Thursday.

The world's third-largest port operator sold 75 percent of
its Australian port operations for $1.5 billion last year, and its shares began
trading on the London Stock Exchange in June.

Excluding the gain from sale, profits stood at $246m,
compared with $164m for the same period last year, the company said. Gross
volumes in the first half of the year climbed to 26.2 million TEU or
twenty-foot equivalent container units.

First-half revenues increased 3 percent to $1.5bn, DP World,
whose shares began trading on the London stock exchange in June, said.

The company, one of the more profitable assets of debt-laden
Dubai World , said it was well-positioned to meet its $3bn upcoming debt maturity
in October 2012. It had $4.1bn in cash at the end of June 30, 2011.

DP World bought controlling interest in two port services
firms in Suriname last month for an undisclosed amount.

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