English Arabic Armenian Azerbaijani Chinese (Simplified) Chinese (Traditional) Czech Danish Dutch Estonian Filipino Finnish French Galician Georgian German Greek Hindi Hungarian Icelandic Indonesian Italian Japanese Korean Latvian Lithuanian Malay Maltese Norwegian Persian Polish Portuguese Russian Slovak Slovenian Spanish Swedish Thai Turkish Ukrainian Vietnamese

Profit, debt increase for DP World

DUBAI: DP World has reported a 22.3 percent increase in profit of US$455 million for the first half of 2015 and a 14.5 percent rise in revenue of US$1.9 billion compared to the same period last year.

The company said revenue had been boosted by its US$3 billion investment in Fairview Terminals (Canada) and Dubai-based Economic Zones World (EZW), a global developer and operator of economic zones, technology, logistics and industrial parks.

DB World Nhava ShevaEZW's current portfolio includes Jafza, one of the world's largest free zones; TechnoPark, a researchdriven business and industrial park and Dubai Auto Zone. EZW has ongoing projects across Asia, Africa, the Middle East, Europe and Americas.

DP World reported a 3.5 percent rise in container throughput in H1 to reach 14.38 million TEUs compared to the same period in 2014. The company said it will reach a global handling capacity of 85 million TEUs by the end of the year after adding space for two million more TEUs at Jebel Ali and 0.8 million at Yarimca, Turkey.

Group CEO Mohammed Sharaf said the company spent US$597 million adding over three million TEU of new capacity in the first half of 2015 with projects in Rotterdam, Nhava Sheva (right) now operational. Capex for 2015 remains unchanged at $1.6-1.9 billion, which includes $200 million for EZW.

Net debt increased from US$2.3 billion to US$5.8 billion in H1 compared to the same period last year and free cash fell to US$2.5 billion, in part due to funding the EZW acquisition.

Sharaf said the macroeconomic environment remains challenging with geopolitical uncertainty causing currency fluctuations in Europe, as growth rates in China have slowed. "Despite these hurdles DP World has continued to deliver a resilient financial performance reinforcing our view that operating a diversified portfolio with a focus on faster growing markets, and origin and destination cargo, will deliver superior earnings growth."

News

Written on 22/03/2017, 22:12
new-ocean-carrier-alliances-to-shake-things-upGENEVA/BRUSSELS: March 22, 2017. The impending operation of three ocean box alliances on April 01 has prompted fears of capacity constraints and rising...
Written on 20/03/2017, 19:53
volga-dnepr-paid-former-u-s-national-security-advisorWASHINGTON, DC: March 20, 2017. As Congressional hearings begin on possible connections between the Trump presidential election bid and Russia, evidence...
Written on 17/03/2017, 20:55
lufthansa-group-reports-rise-in-net-profitFRANKFURT: March 16, 2017. The Lufthansa Group has reported a 4.6 rise in net profit to €1.77 billion in 2016 on a 1.2 percent drop in revenue to €31.66...
Written on 17/03/2017, 19:19
another-airline-level-for-iagBARCELONA: March 17, 2017. International Airlines Group (IAG) will begin flights from Barcelona to Los Angeles, Oakland, Punta Cana in the Dominican...
Written on 17/03/2017, 17:39
european-commission-re-imposes-cargo-finesBRUSSELS: March 17, 2017. The European Commission has renewed its decision to fine 11 airlines €776.46 million for operating an air cargo cartel between...
Written on 15/03/2017, 20:15
ups-continues-to-reduce-ghg-emissionsATLANTA, GA: March 15, 2017. UPS is to spend an additional US$90 million on expanding its U.S. natural gas fueling infrastructure and acquiring more...
Written on 14/03/2017, 21:13
air-cargo-stuck-in-the-16th-centuryABU DHABI: March 14, 2017. Speaking at the opening of the 11th World Cargo Symposium, IATA director general and CEO Alexandre de Juniac warned air cargo...
Written on 09/03/2017, 20:41
u-s-infrastructure-strong-risk-of-failureRESTON, VA: March 09, 2017. The American Society of Civil Engineers (ASCE) says restoring U.S. infrastructure to its competitive position will cost the...
Written on 08/03/2017, 19:52
zte-fined-over-a-us-1-billionDALLAS/ SHENZHEN: March 07, 2017. ZTE, a provider of telecommunications systems, mobile devices and enterprise technology solutions, has been fined...
Written on 07/03/2017, 22:51
no-additional-trade-tariffs-warns-mexicoDETROIT, MI: March 06, 2017. Addressing executives from the U.S. auto industry, Mexico Secretary of Commerce Ildefonso Guajardo Villarreal has reiterated...
Written on 07/03/2017, 20:38
maersk-and-ibm-to-launch-digital-trade-solutionARMONK, NY: March 06, 2017. Following ratification of the WTO's Trade Facilitation Agreement, IBM and Maersk are developing the use of blockchain...
Written on 06/03/2017, 20:36
dsv-signs-red-cross-agreementCOPENHAGEN: March 07, 2017. DSV and Denmark's Red Cross have signed a global logistics agreement that includes the donation of two warehouses. With a...
Written on 06/03/2017, 19:07
good-start-for-air-cargo-in-2017GENEVA: March 07, 2017. Noting an increase in the shipment of silicon materials, IATA reported a 9.0 percent year-on-year jump in airfreight...
Written on 03/03/2017, 21:33
iata-repeats-trump-warningWASHINGTON, DC: March 03, 2017. IATA has reiterated its warning to the Trump Administration about a future of restricted borders and protectionism. "Our...
Written on 02/03/2017, 22:52
america-first-for-tradeWASHINGTON, DC: March 02, 2017. With the confirmation of Trump's billionaire Florida neighbor Wilbur Ross as U.S. Commerce secretary, a recent Gallup poll...
Written on 27/02/2017, 22:24
us-400-billion-exposure-for-shipping-industryLONDON: February 27, 2017. New research suggests financial institutions supporting the global shipping industry have a US$400 billion exposure to future...
Written on 27/02/2017, 20:23
new-box-terminal-to-help-mexico-tradeLAZARO CARDENAS, MEXICO: February 27, 2017. The APM Terminals' facility at Lazaro Cardenas on Mexico's Pacific Coast has officially opened for business...
Written on 23/02/2017, 22:22
dubai-responds-to-humanitarian-crisisDUBAI: February 21, 2017. As the UN World Food Programme (WFP) and UNICEF declare a famine in South Sudan that threatens the lives of 100,000 people, the...
Written on 22/02/2017, 20:34
us-1-trillion-gain-from-trade-facilitation-agreementGENEVA: February 22, 2017. IATA says it welcomes the entry into force of the World Trade Organization's (WTO) Trade Facilitation Agreement (TFA),...
Written on 21/02/2017, 20:35
high-speed-crash-forecast-for-german-truckersBERLIN: February 21, 2017. The German Pro-Rail Alliance estimates the share of freight by rail in Germany dropped from 18 percent to 17.6 percent in 2016,...

- powered by Quickchilli.com -