Dubai World sees improving profitability

Wednesday, 19 January 2011 00:01 - - {{hitsCtrl.values.hits}}

Dubai, Reuters- Dubai World, the emirate’s flagship conglomerate that has restructured $25 billion in debt, expects recovery in its critical businesses such as ports and free trade zones, a government statement said.

‘The board of directors voiced confidence in Dubai World’s ability to achieve significant recovery in critical areas... including ports, dry docks and free zones ... and has strong expectation of achieving profitability goals,’ the Dubai government said on Monday. The board passed a 2011-12 budget for Dubai World and its subsidiaries that aims to ‘strengthen the overall financial performance and raise the efficiency of its units to achieve high profitability in the coming period’, it said, without giving budget figures.

Dubai World units include DP World, which moved to cut its debt and focus on emerging markets by selling 75 per cent of its Australian port operations for $1.5 billion in December.

DP World, considered one of the more profitable units of debt-laden Dubai World, had a first-half profit from continuing operations of $206 million, up 10 per cent on a recovery in container volumes.

Discover Kapruka, the leading online shopping platform in Sri Lanka, where you can conveniently send Gifts and Flowers to your loved ones for any event including Valentine ’s Day. Explore a wide range of popular Shopping Categories on Kapruka, including Toys, Groceries, Electronics, Birthday Cakes, Fruits, Chocolates, Flower Bouquets, Clothing, Watches, Lingerie, Gift Sets and Jewellery. Also if you’re interested in selling with Kapruka, Partner Central by Kapruka is the best solution to start with. Moreover, through Kapruka Global Shop, you can also enjoy the convenience of purchasing products from renowned platforms like Amazon and eBay and have them delivered to Sri Lanka.