Wednesday 23 March 2011

DP World Full-Year Profit Increases 13% as Trade Rebounds, Beats Estimates - Bloomberg

DP World Ltd. (DPW), the Dubai government-controlled ports operator, reported a better-than- expected 13 percent rise in full-year profit helped by a rebound in global trade and improved profit margins.

Net income rose to $374.8 million from $332.9 million a year earlier, the world’s fourth-biggest port operator said in a statement to Nasdaq Dubai today. That beat the $324.5 million mean of 11 analyst estimates, compiled by Bloomberg. Ebitda margin, a measure of profitability, improved to 40.3 percent in the year from 38 percent in 2009.

Last year “saw a return to volume growth across almost all our terminals,” Chairman Sultan Ahmed Bin Sulayem said in the statement. Traffic at almost all facilities has also returned to or surpassed 2008 levels, “a peak year for the global container terminal industry,” he said.

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