DP World gains slightly on annual results
- United Arab Emirates: Wednesday, March 20 - 2013 at 14:36
The FTSE NASDAQ Dubai UAE 20 Index closed at 2220.56 Wednesday, down 0.56%. Shares of DP World which are listed on the NASDAQ Dubai advanced 0.07% to reach $14.12 Wednesday. Earlier in the day, DP World, globally the 3rd biggest port operator, released its annual financial results for the year 2012. Profit for the year attributable to owners of the company increased 21% year-on-year to hit $555m. Container revenue increased 2.4% driven by a 4% increase in container revenue per TEU in spite of the 1% decline in container volumes. Realised $249m profit from monetisation of assets during the year which helped drive profit attributable to owners of the company after separately disclosed items of $749m. DPW chairman Sultan Ahmed Bin Sulayem said at a news conference that turnover at ports in the emerging markets in Africa, Latin America and Asia performed "better than expected." Regarding the outlook, Bin Sulayem said the Jebel Ali-based company remained bullish on emerging markets and pushes ahead with the new port London Gateway, "as London is close to emerging markets and the port is more than a port but a logistics hub like our headquarter in Jebel Ali free zone/free port."
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