Aug 18 2010 |
more articles from
|
DP World Sukuk Limited - Interim Results for the Six Months To 30 June 2010
Dubai, United Arab Emirates, 18 August, 2010: - DP World today announces encouraging financial results from its global portfolio of marine terminals for the first six months of 2010. These results reflect the return to container volume growth combined with the continuation of cost management to drive EBITDA margins ahead of expectations.Summary1
· Consolidated2 throughput up 7% to 13.2 million TEU3 (12.3 million)
· Revenue up 5% to $1,455 million ($1,384 million)
· Adjusted EBITDA margins increase to 39.9% (38.7%)
· Gross cash generation from operating activities of $525 million ($500 million)
· Earnings per share5 of 1.06 cent (1.06 cent)
The return of container volume growth across our portfolio in the first half of the year and our success in maintaining container revenue per TEU slightly ahead of the prior period has allowed DP World to deliver revenue growth of 5% despite a small decline in non-container revenues.
Our regional and terminal management teams have continued to focus on improving efficiencies whilst managing costs very tightly, leading to a 5% decline in total costs in the first six months of the year. EBITDA margins are back at close to 40%. We have continued to invest in our operations to improve our service to our customers with a number of our terminals benefitting from new cranes and yard equipment. Operations have begun at Callao, Peru, with two further developments becoming operational in the second half of the year. Chief Executive Officer Mohammed Sharaf commented:
"We are extremely pleased with the operational and financial performance of the business in the first half of the year. This is a reflection of returning container volumes and our continued focus on driving through efficiencies and managing costs right across our terminal portfolio. "EBITDA margin improvement to almost 40% and EBITDA in excess of $580 million is very satisfactory after the challenging environment of the last 18 months and in particular as the container storage revenue and non-container revenue is still below last year's levels. "As we move into the second half of the year, uncertainty remains over the sustainability of global trade volumes. However, we expect the second half to deliver stronger results than the first half of the year as our terminals benefit from seasonal trade flows and the contribution from new terminals, in addition to some ongoing improvement in non-container revenues and continued cost management . We are on track to meet full year results in line with our expectations."
- Ends -
© Press Release 2010
Zawya Comment Policy
-
Zawya encourages you to add a comment to this discussion. You agree that when you add content to this discussion your comments will not:
1.1 Contain any material which is libelous or defamatory of any person, is obscene, offensive, hateful or inflammatory or causes damage to the reputation of any person or organisation.
1.2 Promote sexually explicit material, violence, discrimination based on race, sex, religion, nationality, disability, sexual orientation or age or any illegal activity.
1.3 Be made in breach of any legal duty owed to a third party, such as a contractual duty or a duty of confidence.
1.4 Be threatening, abuse or invade another's privacy, or cause annoyance, inconvenience or needless anxiety.
1.5 Be used to impersonate any person, to misrepresent your identity or affiliation with any person, or be likely to deceive any person.
1.6 Give the impression that they represent Zawya.
1.7 Advocate, promote or assist any unlawful act such as (by way of example only) copyright infringement or computer misuse. - The content posted on www.zawya.com is created by members of the public. The views expressed are theirs and unless specifically stated are not those of Zawya. Zawya reserves the right to review all comments prior to posting and edit or delete any contribution, but Zawya is not responsible for and can not be held liable for any content posted by members of the public on www.zawya.com.
- Zawya is not responsible for the availability or content of any third party sites that are accessible through www.zawya.com. Any links to third party websites from www.zawya.com do not amount to any endorsement of that site by Zawya and any use of that site by you is at your own risk.
- By submitting your comment, you hereby give Zawya the right, but not the obligation, to post, air, edit, exhibit, telecast, webcast, re-use, publish, reproduce, use, license, print, distribute or otherwise use your comments worldwide, in perpetuity.
Copyright © 2012 Zawya Ltd. All rights reserved. |
provided by www.zawya.com |
Post Your Comment