Dubai port firm DP World profit rises 18 percent

AP News
|
Posted: Mar 29, 2012 1:50 AM
Dubai port firm DP World profit rises 18 percent

Dubai-based port operator DP World says its profit rose 18 percent last year as cargo volumes increased through its network of terminals.

The cargo handler said Thursday it earned $532 million in 2011, up from $450 million the previous year.

The gains were despite a 3 percent dip in sales, to $2.98 billion.

After making adjustments for one-time items in its earnings, DP World says its profit was up 67 percent to $751 million.

DP World is the world's third largest port operator, with operations at more than 60 sea cargo terminals on six continents. It is part of the Dubai World state conglomerate, but was excluded from that company's high-profile debt restructuring.