DP World says volumes to grow over 7 pct in 2012
DP World , the world's third-largest port operator, on Tuesday warned of tough conditions for its customers in 2012, but said it would achieve throughput growth of more than 7 percent next year, Reuters reports. The company, one of the more profitable assets of debt-laden Dubai World , said third-quarter gross volumes were 14.4 million TEU, or twenty-foot equivalent container unit, according to a statement. This is up 10 percent from 13.1 million TEU in the year-earlier period.
"What we have been hearing from our customers basically, is negative news," chief executive Mohammed Sharaf said on a conference call with reporters.
"However, if you look at consultants' advice they are saying 2012 is going to see 7 percent (throughput) growth. Our growth is going to be higher than that as usual."
DP World's consolidated terminals handled 20.5 million TEU in the first nine months of the year, it said in a statement to the Nasdaq Dubai bourse, with growth mostly coming from the United Arab Emirates, Africa and Americas.
"Whilst uncertainty continues to affect the global economy our business continues to perform well," Sharaf said in the statement. "Despite the tougher fourth quarter comparatives, we continue to believe that we will achieve full year EBITDA in line with expectations."
In August, DP World said its first-half profit grew four-fold as it booked a gain from the sale of its Australian operations last year.
The port operator sold 75 percent of its Australian port operations for $1.5 billion last year to private equity firm Citi Infrastructure Investors (CII).
In its push into Europe, the company announced earlier this month that it would go ahead with the construction of its new London Gateway deep-sea container port, to be operational by the fourth quarter of 2013.
DP World's shares are flat at 0633 GMT and down 16 percent so far in 2011, trading at a near-60 percent discount to their 2007 initial public offering price.
The company also listed in London in June, but this move has done little to boost liquidity in the stock, with the London listing on average trading less than 35,000 shares per day.
"What we have been hearing from our customers basically, is negative news," chief executive Mohammed Sharaf said on a conference call with reporters.
"However, if you look at consultants' advice they are saying 2012 is going to see 7 percent (throughput) growth. Our growth is going to be higher than that as usual."
DP World's consolidated terminals handled 20.5 million TEU in the first nine months of the year, it said in a statement to the Nasdaq Dubai bourse, with growth mostly coming from the United Arab Emirates, Africa and Americas.
"Whilst uncertainty continues to affect the global economy our business continues to perform well," Sharaf said in the statement. "Despite the tougher fourth quarter comparatives, we continue to believe that we will achieve full year EBITDA in line with expectations."
In August, DP World said its first-half profit grew four-fold as it booked a gain from the sale of its Australian operations last year.
The port operator sold 75 percent of its Australian port operations for $1.5 billion last year to private equity firm Citi Infrastructure Investors (CII).
In its push into Europe, the company announced earlier this month that it would go ahead with the construction of its new London Gateway deep-sea container port, to be operational by the fourth quarter of 2013.
DP World's shares are flat at 0633 GMT and down 16 percent so far in 2011, trading at a near-60 percent discount to their 2007 initial public offering price.
The company also listed in London in June, but this move has done little to boost liquidity in the stock, with the London listing on average trading less than 35,000 shares per day.