DP World announces net profits of $450 million

Dubai: Marine terminal operator DP World announced pre-tax profits of more than $500 million (Dh1.6 billion) Wednesday morning.

Net profits rose 35 per cent to $450 million compared with a profit of $333 million in the year-ahead period, the company said in a statement.

Consolidated throughput for 2010 was up nine per cent to 27.8 million TEU (twenty-foot equivalent units) whilst revenue was up nine per cent to $3,078 million.

Mohammad Sharaf, Chief Executive Officer of DP World, said: “Our 2010 results, with profit before tax in excess of $500 million, reflect a return of container volume growth and greater revenue generation, together with the benefits derived from our cost cutting measures and improved terminal efficiencies implemented since the downturn.”