DP World’s profit down 11% in 2006
The Dubai Ports Authority, owners of global terminals operator Dubai Ports World, reported that its net profit for 2006 declined 10.6 percent to $216.9 million, compared to $242.5 million a year ago, due to increased costs relating to its $6.8 billion purchase of P&O Ports in March last year.
Annual costs were up from $58.4 million in 2005 to $341 million. Including the nine-month performance of P&O Ports, DP World’s revenue jumped to $3.48 billion, compared to $674.9 million in the prior year.
