Dubai-based port operator DP World has reported a steady increase in profits for the first half of financial 2010.
The organisation – which operates 49 terminals in 31 countries - revealed net profit after tax from continuing operations increased by ten per cent to $206 million over the six months to June 30th.
Revenue grew by five per cent to $1.46 billion over the period, while consolidated throughput increased seven per cent to 13.2 million twenty-foot equivalent container units.
DP World – founded in 2005 – added seasonal trade flows and the contribution from new terminals was likely to contribute to a stronger performance in the second half.
“As we move into the second half of the year, uncertainty remains over the sustainability of global trade volumes,” commented DP World chief executive Mohammed Sharaf.
“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.
Earnings expectations for the whole year remain “on track”.
DP World confirmed last month it remains committed to listing shares on the London Stock Exchange. The company had earlier said it needed to find “an acceptable system that supports the dual listing”.
Earnings for the first half of 2010 totalled 1.06 cents per share.