DP World today announces encouraging financial results from its global portfolio of marine terminals for the first six months of 2010. These results reflect the return to container volume growth combined with the continuation of cost management to drive EBITDA margins ahead of expectations.
in maintaining container revenue per TEU slightly ahead of the prior period has allowed DP World to
deliver revenue growth of 5% despite a small decline in non-container revenues.
Our regional and terminal management teams have continued to focus on improving efficiencies
whilst managing costs very tightly, leading to a 5% decline in total costs in the first six months of the
year. EBITDA margins are back at close to 40%.
We have continued to invest in our operations to improve our service to our customers with a number
of our terminals benefitting from new cranes and yard equipment. Operations have begun at Callao,
Peru, with two further developments becoming operational in the second half of the year.
Earnings per share5 of 1.06 cent (1.06 cent)Chief Executive Officer Mohammed Sharaf commented:
"We are extremely pleased with
half of the year. This is a reflection of returning container volumes and our continued focus on driving
through efficiencies and managing costs right across our terminal portfolio.
the operational and financial performance of the business in the first1 All financial results are reported before separately disclosed items unless otherwise stated. Numbers in brackets are reported results for the 6 months to 30 June 2009.
2 28 of our 50 terminals are consolidated under IFRS
3 Twenty foot equivalent container units.
4 Further information on Adjusted EBITDA can be found in the Notes to Accounts, Note 6.
5 Earnings per share is calculated after separately disclosed items
"
satisfactory after the challenging environment of the last 18 months and in particular as the container
storage revenue and non-
EBITDA margin improvement to almost 40% and EBITDA in excess of $580 million is verycontainer revenue is still below last year's levels."
trade volumes. However, we expect the second half to deliver stronger results than the first half of
the year as our terminals benefit from seasonal trade flows and the contribution from new terminals,
in addition to some ongoing improvement in non-container revenues and continued cost
management. We are on track to meet full year results in line with our expectations.
As we move into the second half of the year, uncertainty remains over the sustainability of global"
