DP World Profits Up Significantly in H1 2013

MarineLink.com
Monday, September 02, 2013

DP World Ltd. announces 26% increase in like-for-like profit for the six months ended 30, June 2013.

  • Highlights:

  • Strong adjusted EBITDA growth resulted in a 26% increase in like-for-like profit attributable to owners of the Company before separately disclosed items
  • Like-for-like revenue increased 2.4% driven by a 6.2% increase in containe revenue per TEU
  • Like-for-like non-container revenue increased 3.4%
  • Adjusted EBITDA of $689 million; adjusted EBITDA margin of 45.6%
  • A focus on higher margin business coupled with continued cost control improved adjusted EBITDA margin
  • Profit for the period attributable to owners of the Company of $264 million
  • Realised $158 million profit from monetisation of assets during the year which helped drive profit attributable to owners of the Company after separately disclosed items of $398 million
  • Net cash from operating activities increased to $548 million
  • Leverage (Net Debt to adjusted annualised EBITDA) reduced to 1.7 times

Group Chief Executive Mohammed Sharaf commented:-
“Despite tough market conditions, we have reported an excellent set of financial results for the first six months of 2013. We believe 9.5% like-for-like EBITDA growth, 26% like-for-like EPS growth and a 47.1% like-for-like adjusted EBITDA margin is pleasing given some of the headwinds that we have faced."

Outlook
 “The outlook remains uncertain and market conditions in some regions are undoubtedly challenging. We continue to focus on delivering efficiencies, containing costs and handling higher margin containers to drive profitability and, in light of improving momentum seen through the first half, remain confident of meeting full year expectations."

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter April 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

ABS’ Wiernicki Addresses SUNY Maritime Grads

ABS Chairman, President and CEO Christopher J. Wiernicki addresses SUNY Maritime College graduates, awarded honorary Doctor of Science   Christopher J. Wiernicki,

Moody's Dings Hurtigruten's Outlook Due to Newbuilds

Moody's Investors Service, (Moody's) issued a press release affirming the B2 corporate family rating (CFR), B2-PD probability of default rating, and the B2 senior

ShipDC Launches with New Leader at the Helm

Ship Data Center Co., Ltd., a wholly owned subsidiary set up by ClassNK, has officially commenced operations of its big data center, ShipDC, from April 2016. Taking

Ports

IBIA Develops Bunkering Procedure Guidelines

A set of Standard Operating Procedures (SOP) for surveyors has been developed by the International Bunker Industry Association (IBIA) to help the industry manage new regulations,

Strikes Cause Stoppage in Greek Ports

A 48-hour strike by the Seamen’s Union in Greece is expected to affect all domestic and local ferry routes as well as commercial vessels calling at Piraeus, Aspropyrgos,

Concrete Floating Docks Delivered to Boston FD

As a part of a waterfront upgrade project at the Boston Fire Dept Burroughs Wharf Station, a floating dock system of Type 1200 concrete floating docks manufactured

Finance

Moody's Dings Hurtigruten's Outlook Due to Newbuilds

Moody's Investors Service, (Moody's) issued a press release affirming the B2 corporate family rating (CFR), B2-PD probability of default rating, and the B2 senior

NOL Posts Q1 Net Loss of $105 Mln

NOL Group reported a first quarter 2016 net loss after tax of $105 million. Core EBIT (Earnings before Interest, Taxes and Non-Recurring Items) for the period was a loss of $84 million,

US Aims to Recover El Faro VDR in Next Few Months

The U.S. National Transportation Safety Board hopes to recover the voyage data recorder from the cargo ship El Faro, which sank during a hurricane killing all 33 crew on board,

Logistics

Strikes Cause Stoppage in Greek Ports

A 48-hour strike by the Seamen’s Union in Greece is expected to affect all domestic and local ferry routes as well as commercial vessels calling at Piraeus, Aspropyrgos,

New CMA CGM Agency in Puerto Rico

Shipping company CMA CGM announced the inauguration of its new agency in San Juan, Puerto Rico as from May 1, 2016.   The agency is opened in partnership with shipping agency Norton Lilly.

US Aims to Recover El Faro VDR in Next Few Months

The U.S. National Transportation Safety Board hopes to recover the voyage data recorder from the cargo ship El Faro, which sank during a hurricane killing all 33 crew on board,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Offshore Oil Port Authority Salvage Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0923 sec (11 req/sec)