Dubai: DP World, the Dubai-based port operator, reported a 10 per cent increase in net profits after tax reaching $206 million during the first half of 2010, up from $188 million recorded during the corresponding period last year.
Revenue of the world’s fourth largest container terminal operator increased 5 per cent to $1.45 billion, up from $1.38 billion driven by a 7 per cent increase in consolidated throughput to 13.2 million TEUs (Twenty foot equivalent container units) up from 12.3 million TEUs.
Earnings per share remained the flat at 1.06 cent.
Gross cash generation from operating activities rose to $525 million during the first half of the year compared to $500 million in the same period last year.
“The return of container volume growth across our portfolio in the first half of the year and our success in maintaining container revenue per TEU slightly ahead of the prior period has allowed DP World to deliver revenue growth of 5 per cent despite a small decline in non-container revenues,” the company said in a statement.
The company has managed to achieve a 5 per cent cost reduction as its regional and terminal management teams have continued to focus on improving efficiencies. EBITDA margins are back at close to 40 per cent.
“We have continued to invest in our operations to improve our service to our customers with a number of our terminals benefitting from new cranes and yard equipment. Operations have begun at Callao, Peru, with two further developments becoming operational in the second half of the year,” the company said.
DP World Chief Executive Mohammad Sharaf expressed his satisfaction with the results.
“This is a reflection of returning container volumes and our continued focus on driving through efficiencies and managing costs right across our terminal portfolio,” he said in a statement.
