Tuesday, Jan 31, 2012
DUBAI (Zawya Dow Jones)--Dubai-based ports operator DP World (DPW.DIF) reported a 10% rise in the amount of cargo it handled in 2011 and said its focus on fast growing emerging markets should help the government-controlled firm ride out an uncertain global economy.
DP World processed 54.7 million twenty-foot equivalent container units, or TEUs, in 2011, a 10% rise on the year earlier, it said in an emailed statement. Its portfolio of consolidated terminals meanwhile handled 27.5 million TEU in 2011, while like-for-like consolidated volume growth in the same period was 8%.
"Our flagship terminal in the UAE has yet again exceeded all expectations delivering another record year as it continues to position itself as the gateway port of choice to handle cargo destined for the Middle East, India and Africa regions," said DP World's Chief Executive Mohammed Sharaf.
"Whilst this uncertainty remains as we enter 2012, we continue to concentrate on delivering an improved operational and financial performance over 2011 reflecting our focus on both faster growing emerging markets," he added.
DP World, which operates more than 60 terminals worldwide, has invested heavily in expanding its operations in recent years, adding new capacities in fast-growing emerging markets in Asia and Latin America.
DP World shares didn't trade early Tuesday. They closed Monday 2.1% higher at $10.97.
-By Tim Falconer, Dow Jones Newswires; +9714 446-1690; tim.falconer@dowjones.com
Copyright (c) 2011 Dow Jones & Co.
(END) Dow Jones Newswires
31-01-12 0529GMT
