DP World reports profits up on higher shipping volumes
Wednesday 23 March 2011 11:34 AM
UAE container ports operator DP World has reported strong full-year profits, citing an increase in the volume of cargo shipping and cost savings.
DP World revealed a 2010 full-year net profit of $450m (£276m), compared with $333m for the year before.
In December, the firm sold a 75% stake in its Australian ports for $1.5bn in order to reduce its debt levels.
The operator said that the results put it on track to list on the London Stock Exchange.
"We have submitted the 2010 results to the exchange. It now depends on the process in London. We are hoping to do it as soon as possible," chief executive Mohammed Sharaf told reporters
.
DP World is one of the biggest ports operators in the world and is seen as one of the more healthy parts of the debt-laden Dubai World.
Dubai World manages investments for the Emirate of Dubai, including foreign investments and major real estate concerns, such as the luxury palm islands development.
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