Dubai port operator DP World, a unit of struggling state-owned conglomerate Dubai World, has revealed that it is seeing signs of recovery, despite yesterday posting a 46 per cent decline in 2009 profit, according to Reuters.
DP World recently stated that its plans to list on the London Stock Exchange were on track and raised its dividend by 19 per cent.
'We are not only impacted by Dubai World but Dubai and globally,' finance chief Viuvraj Narayan said. 'Rating agencies took actions against government-related entities and we were impacted.'
DP World announced that net profit from continuing operations had fallen to US$333m for the year to 31 December, down from US$621 million in 2008, but ahead of a forecast of US$295m from Thomson Reuters.
CEO Mohammed Sharaf commented: 'Our 2009 results are an excellent achievement for DP World given the significant reduction in global trade and the uncertainty surrounding the operating environment.
'We are seeing positive signs of recovery. However, it is still too early in 2010 to confirm sustainability, as the macroeconomic environment and global trade patterns remain unpredictable.'
In 2009, DP World, which operates 49 terminals in 31 countries, including Dubai's Jebel Ali port, handled over 43.4m TEU container units across its portfolio from the Americas to Asia.
No comments yet