DP World net profit surges 21% to $ 555 m

Reuters: Dubai-owned port operator DP World on Wednesday reported a 21% rise in 2012 profit, boosted by monetisation of non-core assets and growth in emerging market operations.

The world’s third-largest port operator reported a profit of $555 million in 2012, compared with $459 million in 2011, it said in a statement on Nasdaq Dubai bourse. Revenue for the year rose 5% to $3.12 billion from $2.98 billion in the prior year, the company said.

The port operator, one of the most profitable units of debt-laden Dubai World, has been selling assets globally, exiting markets where it does not have a significant presence and seeking to redeploy funds in fast-growing markets.

The company realised $249 million profit from asset disposals in 2012, helping boost profitability.

DP World set a dividend of 24 cents per share for 2012, unchanged from the prior year.