Thursday 8 January 09 - 18:26
 

News Africa & Middle East

DP World profits take a tumble

DP World reported a net profit of $216.9m in 2006 compared with one of $242.5m in 2005. 

This downturn in fortunes has been blamed on additional costs relating to the acquisition of P&O Ports, which boosted financial costs from $58.39m in 2005 to $341m last year.

Revenue,at $3.48bn,was substantially up on the $674.9m posted for 2005, which is partly explained by the acquisition of P&O Ports’ assets. Significantly,in 2005,DP World also saw a 5% dip in net profit following the acquisition of CSX World Terminals.

Revenue derived wholly from the United Arab Emirates, Middle East and South and East Africa totalled $692.5m, up from $548m in 2005, while revenue from Europe, North and West Africa came to $1.8bn. In South Asia and Asia- Pacific, revenues of $333.3m in 2006 compared with just $30.1m the previous year.

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