Dubai-based port operator DP World has announced that it recorded 'encouraging' financial results for the first six months of 2010, with improvements in throughout, revenue and net profit.
The results reflect the return of container volume growth across DP World's portfolio, the group said, as well as the success in maintaining container revenue per TEU slightly ahead of the prior period.
Consolidated throughput for the half grew 7 per cent year-on-year to 13.2m TEU, up from 12.3m TEU last year, helping drive revenue upwards by 5 per cent to US$1.46bn.
Adjusted EBITDA margins climbed to just under 40 per cent, while net profit after tax from continuing operations jumped 10 per cent to US$206m.
'We are extremely pleased with the operational and financial performance of the business in the first half of the year,' said DP World CEO Mohammed Sharaf. 'This is a reflection of returning container volumes and our continued focus on driving through efficiencies and managing costs right across our terminal portfolio.
'As we move into the second half of the year, uncertainty remains over the sustainability of global trade volumes,' he added. '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. We are on track to meet full-year results in line with our expectations.'
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