DP World Ltd., the Middle East’s biggest port operator, said it handled 16 percent more cargo in the first half of the year at the 50 terminals the company operates, boosting profit.
DP World handled 23.7 million TEU, or 20-foot-equivalent container units, in the period from its broadest portfolio of cargo shipping ports, it said today in a statement. The Dubai government-controlled company posted volume growth of 7 percent, to 13.2 million TEU, at consolidated terminals.
“These first-half volumes, along with the continuation of cost management, will lead to an improvement in first-half profit after tax against the same period last year,” Chief Executive Officer Mohammed Sharaf said in the statement.
Growth in container shipping will come primarily from Asia this year, the company said. DP World, which manages ports from the U.K. to China, aims to start operations at terminals in India and Pakistan this year, it said.
“Whilst uncertainty remains over the sustainability of trade volumes reported in the first half of the year, we currently expect to deliver full-year results in line with expectations,” Sharaf said. The company plans to announce first-half results on Aug. 18.
Volume declined 8 percent last year, leading to a slide in profit, as the global financial crisis cut demand for consumer goods. The company handled 25.6 million TEUs at 28 consolidated terminals in 2009, DP World said in January.
Dubai, the second-largest sheikhdom in the United Arab Emirates, as well as some state-run companies, are being buffeted by difficulties in repaying debt. Dubai World, the port operator’s parent company, last week gave creditor banks a plan to restructure borrowings.
DP World handled 23.7 million TEU, or 20-foot-equivalent container units, in the period from its broadest portfolio of cargo shipping ports, it said today in a statement. The Dubai government-controlled company posted volume growth of 7 percent, to 13.2 million TEU, at consolidated terminals.
“These first-half volumes, along with the continuation of cost management, will lead to an improvement in first-half profit after tax against the same period last year,” Chief Executive Officer Mohammed Sharaf said in the statement.
Growth in container shipping will come primarily from Asia this year, the company said. DP World, which manages ports from the U.K. to China, aims to start operations at terminals in India and Pakistan this year, it said.
“Whilst uncertainty remains over the sustainability of trade volumes reported in the first half of the year, we currently expect to deliver full-year results in line with expectations,” Sharaf said. The company plans to announce first-half results on Aug. 18.
Volume declined 8 percent last year, leading to a slide in profit, as the global financial crisis cut demand for consumer goods. The company handled 25.6 million TEUs at 28 consolidated terminals in 2009, DP World said in January.
Dubai, the second-largest sheikhdom in the United Arab Emirates, as well as some state-run companies, are being buffeted by difficulties in repaying debt. Dubai World, the port operator’s parent company, last week gave creditor banks a plan to restructure borrowings.