DP World lifts first-half profit 10%

DP World posted a 10 per cent rise in half-yearly profits today after it slashed costs and shipping volumes rose.

DP World posted a 10 per cent rise in half-yearly profits today after it slashed costs and shipping volumes rose. The Dubai-based global ports operator said the amount of goods shipped through its 28 main terminals rose by 7 per cent in the first half of the year compared to the same period last year. About 13.2 million 20-foot shipping containers or the equivalent went through those ports, up from 12.3 million last year. As shipping surged, DP World's profits for the half rose to $206.5m from $187.7m in the same period last year, in line with analysts' expectations, the ports operator said yesterday. Including a $12.7m profit from port construction and investments, the company made $219.2m in the first half. DP World cut costs by 5 per cent in the period, part of a drive to control spending even as the company expands. It operates 50 ports across the globe including in Asia, Africa, Europe and Australia, and recently began operations at a new terminal in Peru.

"As we move into the second half of the year, uncertainty remains over the sustainability of global trade volumes," said Mohammed Sharaf, the chief executive. "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."

afitch@thenational.ae

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