DP World gets boost from rise in global trade

DUBAI-BASED port operator DP World posted a surprise 10 per cent rise in first-half profit yesterday thanks to growing container volumes and better pricing.

The government-controlled firm said profit attributable to shareholders reached $164m (£105m)?in the first six months of the year.

Net profit after tax from continuing operations rose to $206m from $188m a year ago, beating forecasts of around $156m.

First-half container volumes at its ports around the world climbed seven per cent to the equivalent of 13.2m twenty-foot containers, as global trade levels increased.

The company also enjoyed a lift from new ports opening in Saigon, Vietnam and Callao, Peru.

DP World chief executive Mohammed Sharaf said new terminals and improvements in non-container revenue, along with continued cost management, helped to boost earnings.

“As we move into the second half of the year, uncertainty remains over the sustainability of global trade volumes. However… we are on track to meet full year results in line with our expectations,” Sharaf added yesterday.