Port operator DP World half-yearly profits up 22 percent

AP News
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Posted: Aug 27, 2015 10:30 AM

DUBAI, United Arab Emirates (AP) — Dubai-based international port operator DP World says its net profits for the first half of the year reached $405 million, up 22 percent compared to the same period last year.

The company said in a statement Thursday that half-yearly revenue was up 14.5 percent at $1.9 billion, compared to $1.66 billion a year ago.

DP World attributed some of that growth to its $2.6 billion acquisition of Dubai government-linked free-trade zone operator Economic Zones World. The company expects "moderate" growth rates for the second half of the year.

DP World, which trades on the Nasdaq Dubai, ranks among the world's largest port operators, with business at more than 65 marine terminals globally. The government-backed firm recorded $675 million in profit attributable to its owners for last year.