DP World, the global container terminal operator, said first quarter traffic grew 15 percent from a year ago and would contribute to improved earnings in 2010, DP World statement said.
The Dubai-based company's 49 operational terminals handled 11.2 million 20-foot equivalent units with Asia Pacific and Australia posting strong growth.
DP World's consolidated terminals boosted traffic by 6 percent to 6.3 million TEUs, due mainly to increases in the Indian sub-continent and Australia as well as some volume growth returning to European ports.
"The return of volume growth in 2010, combined with cost reduction and efficiency initiatives, will deliver an improvement in results over last year," Chief Executive Officer Mohammed Sharaf said.
DP World's net profit fell 46 percent in 2009 to $333 million from $621 million in 2008 as revenue shrunk by 14 percent to $2.8 billion from $621 million.
DP World's net profit fell 46 percent in 2009 to $333 million from $621 million in 2008 as revenue shrunk by 14 percent to $2.8 billion from $621 million.
Mr. Sharaf warned, however, that it is too early to say whether the return to growth is sustainable.
"The macroeconomic environment and global trade patterns remain somewhat unpredictable, impacting traders and their shipping requirements," Mr. Sharaf said, adding that DP World remains committed to listing its shares on the London Stock Exchange as soon as possible.
"The macroeconomic environment and global trade patterns remain somewhat unpredictable, impacting traders and their shipping requirements," Mr. Sharaf said, adding that DP World remains committed to listing its shares on the London Stock Exchange as soon as possible.