DP World Full-Year Profit Drops 31%; Beats Analyst Estimates

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DP World Ltd., the world’s fourth- biggest port operator, said full-year profit declined less than analysts estimated, falling 31 percent.

Net income attributable to shareholders was $332.8 million compared with $482.2 million a year earlier, the Dubai government-controlled company said in a statement to Nasdaq Dubai today. Profit beat the $303 million mean estimate in a Bloomberg survey of 9 analysts. Adjusted profit after tax from continuing operations dropped to $333 million from $621 million, while revenue declined 11 percent to $2.92 billion.

“In the first two months of 2010 we have seen 4 percent volume growth across our portfolio from a very low base last year and an improvement in EBITDA margins from the final quarter of 2009 as cost cutting initiatives continue to be realized,” Chief Executive Officer Mohammed Sharaf said in the statement. Earnings before interest, taxes, depreciation and amortization was $1.07 billion last year compared with $1.34 billion.