Net profits soar at DP World

DP World, the world’s third-largest port operator, reported an 82 per cent rise in 2011 net profit yesterday, boosted by the sale of its Australian operations. The company made a $683m (£430m) profit last year compared to $375m in 2010, it said in a statement on Nasdaq Dubai. Net debt was reduced to $3.6bn and revenue fell three per cent to $2.98bn said the company. DP World warned in October of tough conditions in 2012, but said it would achieve growth of more than seven per cent.