Port operator DP World beats profit forecasts
THE OWNER of the London Gateway container port yesterday said patchy global demand for freight shipments dampened its revenues last year, though profits were up more than forecast.
Dubai-based DP World said turnover fell 1.5 per cent to $3.1bn last year. Profits rose 10.9 per cent to $604m, or 26.6 per cent at constant currency.
To offset a 3.8 per cent fall in shipping volumes, the firm increased its revenues per container by 4.6 per cent.
“This performance has been achieved despite the group facing some challenging market conditions, particularly in the first half of the year, and being capacity constrained within a number of our key locations,” said Sultan Ahmed Bin Sulayem, chairman of DP World.
London Gateway opened in November after five years of construction. The port near Thurrock has taken eight unscheduled vessels this year so far, which the firm said was testament to its sheltered location that made it a safer choice during bad weather in Europe.
The firm aims to expand its Rotterdam and Jebel Ali ports this year.