Dubai's DP World reports flat H1 profits

Port Rashid in Dubai, managed by DP World. The world's third largest port operator on Wednesday reported flat profits in the first half of 2012.

Dubai's DP World, the world's third largest port operator, on Wednesday reported flat profits in the first half of 2012.

Net profit stood at $247 million in the first six months, 0.4 percent up from $246 million in the corresponding period of last year.

"In a tougher operating environment, we have reported a good set of results for the first six months, with profit and margin up on the same period last year," chief executive officer Mohammed Sharaf said in a statement.

Revenues in the first half of 2012 stood at $1.53 billion, 1.8 percent up from $1.502 billion in the first half of last year, the company said.

The consolidated throughput of containers handled in its terminals stood at 13.586 million TEU (twenty-foot equivalent unit), up 0.9 percent from 13.470 million TEU.

DP World, which operates more than 60 terminals across six continents, said its gross debt has dropped to $4.7 billion, mainly due to the repayment of a $3 billion syndicated loan facility in April.