DP World shares soar on firm's nine-month volume growth
- United Arab Emirates: Tuesday, October 30 - 2012 at 14:27
NASDAQ Dubai-quoted shares of Dubai Ports (DP) World gained 2.10% to reach $11.85 Tuesday. Earlier in the day, the global maritime port operator said that gross container volumes grew 4.5% in the first nine months of the year "driven by strong growth across the Americas, Asia Pacific, Middle East and UAE region." However, in Q3 DP World handled 14.2 million TEU (twenty-foot equivalent units) across its portfolio of container terminals which was 1% lower than the same period last year "reflecting the divestment of three joint venture terminals and a decline in volumes in the Europe, Middle East and Africa region. Like for like gross container volume growth in the third quarter was 0.5%," the firm said in a statement. Group Chief Executive Mohammed Sharaf said that "The third quarter of the year has seen a slowdown in container volume growth with some of our regions reporting a small decline in volumes reflecting the challenging macroeconomic environment. Despite this, our volume growth for the first nine months of the year reflects good growth over the prior period and whilst there remains uncertainty within the macro economy, we continue to believe we will achieve EBITDA in line with expectations."
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