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DP World profits rise to $405m in 6M

DP World profits rise to $405m in 6M
Photo Credit: Arabianeye-Reuters
DP World
DPW
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Dubai - Mubasher: The UAE’s global marine terminal operator DP World reported strong financial results for the first half of 2015 with a net profit of $405 million (AED 1.488 billion), a rise of 21.9% from $322 million ($1.183 billion) in the same period the year before, according to a statement made Thursday.

Revenues increased 14.5% supported by the acquisition of Economic Zone World (EZW), while like-for-like revenue grew 7.6%, backed by “containerised revenue growth of 5.7% on a like-for-like basis”, DP World revealed, adding that containerised revenue per twenty-foot equivalent unit (TEU) was up 2.1% on a like-for-like basis.

Adjusted EBITDA stood at $924 million, compared to $778 million in H1-14, while adjusted EBITDA margin was 48.6% compared to 46.9% in the corresponding period in 2014. The improvement in adjusted EBITDA margin was due to “stronger throughput growth at higher margin locations and EZW consolidation”, according to the statement.