DP World Ltd., the world’s fourth- largest port operator, reported a better-than-expected first- half profit as the number of containers it handled grew 7 percent because of rebounding global trade.
Net income, including separately disclosed items, rose to $176.6 million from $175.3 million a year ago, the Dubai government-controlled company said in a statement to Nasdaq Dubai today. That beat the $157 million median estimate of three analysts, according to data compiled by Bloomberg. Profit after tax from continuing operations jumped 10 percent to $206 million, the company said.
The result “is a reflection of returning container volumes” and cost management, Chief Executive Officer Mohammed Sharaf said in the statement. “Uncertainty remains over the sustainability of global trade volumes.” DP World expects second-half results to be stronger than the first due to a seasonal increase in trade, income from new terminals and better non-container revenue, he said.
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