DP World H1 beats analysts' estimates

Source: Supply Chain Digital

Date :8/28/2008 1:06:21 AM

DP World Ltd said earnings almost doubled in the first-half as trade increased in the Middle East and Asia.

The Dubai government-controlled company reported net income of US$277 million, or 1.67 cents a share, from $142 million, or $0.78 cents a share, a year earlier. Three analysts surveyed by Bloomberg estimated US$244.3 million.

DP World, which operates 45 terminals from Europe to China, said container volume jumped 21 percent in the first half, helped by growth in India and the Middle East.

In 2007, the world's fourth- largest port operator gained control of Egypt's Sokhna Port at the southern entrance to the Suez Canal. This year it will raise capacity at its flagship Jebel Ali port in Dubai by more than a quarter.

Mohammad Sharaf, DP World's Chief Executive said that the results are “pleasing” as the “industry overall has seen a slowdown in volume growth in the Asia-Pacific region and we are operating in a more challenging global financial and economic environment.”

DP World said revenue rose 32 percent to US$1.6 billion and operating profit by 44 percent to US$652 million.