Aussie sale boosts DP World profit

Aussie sale boosts DP World profit    Dubai-based marine terminal operator DP World said it had net profit of $741 million in the first six months of the year, compared to $219 million earned in the same 2010 period.
   The big profit boost resulted from a deal in March when DP World sold a 75 percent interest in its five container terminals in Australia to Citi Infrastructure Investors and one of CII's major investors, resulting in a large, one-off profit.
   Excluding the extraordinary item, the company had net profit of $281 million in the first six months, 36 percent more than the $206 million earned in the first half of 2010.
   The company had revenue of $1.5 billion in the first half of the year, 3 percent more than the $1.46 million in the first half of 2010.
   First half container volumes was 26.2 million TEUs, up 11 percent from the 23.7 million handled first half of 2010.
   Chief Executive Officer Mohammed Sharaf called the results “an excellent start to the year,” and noted, 'historically the second half of the year has been stronger than the first half. However, as we said in our update in July, there is uncertainty around the outlook for the global economy making it more challenging to forecast how global trade will develop in the second half of the year.
   'The impact of this uncertainty has not, as yet, been reflected in the markets in which we operate and, with our focus on the more resilient emerging markets, we still expect to deliver full year results in line with expectations.
   'Profit for the six-month period before separately disclosed items was $281 million, close to profit levels last seen at our peak in 2008 as our container terminals have become more profitable following initiatives implemented as a result of the 2009 downturn. Our global portfolio, focused on both origin and destination cargo and in the emerging markets, is now more robust and better positioned to deliver profitable growth,” he added. 'We have continued to expand our global capacity, either through continued investment in new or existing terminals or through incremental investment focused on delivering greater efficiencies for our customers.”