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DP World optimistic despite harsh 2009

DP World optimistic despite harsh 2009

Dubai: DP World announced a sharp fall in net income and revenues for FY 2009 but said it expected 2010-11 to be more positive. Year-on-year profits fell 46 per cent to $333 million while sales were down 14 per cent to $2.82 billion. Consolidated throughput was 25.6 million TEU in 2009 compared to 27.8 million TEU a year earlier.Gross volumes fell 6 per cent against almost 12 per cent across the industry, the company said.

"In the first two months of 2010 we have seen 4 per cent volume growth across our portfolio from a very low base last year," said DP World chairman, Sultan bin Sulayem. "We are confident about the long-term outlook for the container terminal industry."

While not seeking additional capital, DP World is to dual list on the London Stock Exchange in a bid to revive its flagging share price, which fell one cent to $0.48 on the results in trading on the Nasdaq Dubai, well below 2007's initial offer price of $1.30.

CFO Yuvraj Narayan said this would take place "as soon as possible," probably around July. He was bullish on the company's global and regional businesses. "China is reasonably strong," he said. "India needs to get to 20 million TEU capacity. It is only at 7 million today."  [24/03/10]