Wednesday, Jan 30, 2013
(This article was first published on Tuesday.)
DUBAI (Zawya Dow Jones)--Dubai-based DP World (DPW.NDB) said much uncertainty remains in the global economy as the world's third-largest ports operator posted a 2.4% rise in the amount of cargo it handled last year due to strong demand from Asia Pacific and India.
The company processed 56.1 million twenty-foot equivalent container units, or TEUs, in 2012, up from 54.7 million in the year earlier, it said in an emailed statement. Like-for-like gross container volumes increased by 3.7%, it noted.
"During the year, the deteriorating macroeconomic environment and high levels of capacity utilization, led us to change our short term strategy to focus more on high quality revenue generating business, and giving our customers the quality of service they are accustomed to with DP World," said Sultan Ahmed Bin Sulayem, the company's chairman.
Container handling generates about 80% of its revenue, according to DP World.
The company, which operates some 60 terminals across six continents, said gross container volumes in Asia Pacific & India surged 6.2% in 2012, while the America's & Australia region recorded a 4.3% increase.
DP World however noted that overall consolidated volumes slipped 1.4% on year.
DP World's Chief Executive Mohammed Sharaf warned that much uncertainty remains in the macro economy, but the company is nevertheless well positioned to make progress this year with new capacity on track to open in Santos (Brazil), Jebel Ali (U.A.E.) and London Gateway.
Its shares closed trading Monday at $13.05.
Write to Tim Falconer at tim.falconer@dowjones.com
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(END) Dow Jones Newswires
30-01-13 0349GMT
