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DP World announces profit increase in H12010

DP World announces profit increase in H12010

Dubai: Global terminal operator DP World has revealed that net profits after tax from continuing operations went up 10% to $206m for the first six months of 2010. Additionally, it also revealed a 5% increase in revenue for its consolidated portfolio fuelled by a rebound in the container market and its continuing cost management practices.

The company has primarily attributed the positive bottom-line to the 7% increase in container volumes to 13.2m teu and slightly improved container revenue per TEU, but pointed out that the bottom-line was " somewhat impacted by the decline in non-container revenue". DP World managed to bring total costs down by 5% during the six months.

"EBITDA margin improvement to almost 40% and EBITDA in excess of $580m is very satisfactory after the challenging environment of the last 18 months and in particular as the container storage revenue and non-container revenue is still below last year's levels," said ceo Mohammed Sharaf. "This is a reflection of returning container volumes and our continued focus on driving through efficiencies and managing costs right across our terminal portfolio."

"As we move into the second half of the year, uncertainty remains over the sustainability of global trade volumes. However, we expect the second half to deliver stronger results than the first half of the year as our terminals benefit from seasonal trade flows and the contribution from new terminals, in addition to some ongoing improvement in non-container revenues and continued cost management. We are on track to meet full year results in line with our expectations."

The company increased its market offerings during the period, including the launch operations at Callao, Peru and intends for two further developments to become operational in the second half of the year.  [20/08/10]