Dubai Ports World slips, reports rising profits | Dubai Ports World slips, reports rising profits -

Dubai Ports World slips, reports rising profits

: Thursday, March 20 - 2014 @ 16:46

The Dubai Financial Market General Index (DFMGI) closed a rollercoaster trading week 0.97 per cent higher at 4,296.80 points on Thursday, March 20. Dubai Investments gained the most, closing up by five percent at AED3.58. The shares of Dubai Ports (DP) World, which are listed on the DFM and Nasdaq Dubai, fell by 0.556 per cent to AED63.54. Earlier in the day, the world’s third biggest port operator by assets revealed that it generated, in 2013, a net income of $604 million attributable to the owners of the company, representing an increase of 10.9 per cent, from $545m in 2012. Its revenue declined by 1.5 percent year on year to $3.073 billion from $3.121bn.

Excluding acquisitions, disposals and monetisations, new capacity and currency fluctuations, revenue growth was 3.6 per cent, according to DP World. DP World’s CEO, Mohammed Sharaf, says: “We continue to manage our portfolio actively, having monetised some of our assets in Hong Kong this year and we expect to recycle this cash into projects that will return higher growth on our capital employed.” Proceeds of $659m amounted from monetisation of assets in 2013.

Gérard Al-Fil

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Thursday, March 20- 2014 @ 16:46 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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