Dubai World port sees profits rise in H1 2010

18/08/2010 - Dubai Investment News
Dubai World port sees profits rise in H1 2010

Posted by Neil King

DP World Ltd, the port operator owned by the government-backed conglomerate Dubai World, has reported strong profits for the first half of 2010 on the back of a seven per cent rise in container volumes.

New figures from the port operator show that its net income grew to $176.6 million from the $175.3 million recorded a year ago.

According to Bloomberg, that beat the $157 million median estimate of three market analysts.

Commenting on the results, DP World chief executive officer Mohammed Sharaf said the strong performance was down to rebounding global trade, income from new terminals and an improvement in non-container revenue.

Meanwhile, Bloomberg noted that factors such as stable global trade and two new container terminals becoming operational during the second half of this year are expected to support DP World's volume and earnings growth.

DP World is currently the fourth-largest port operator in the world.