Dubai port firm profits rise 22pc in 2010

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DUBAI, Mar 23 (AP): Port operator DP World posted a 22-per cent jump in annual profits Wednesday, helped by cost-cutting efforts and a rebound in shipping fuelled by the improving global economy. The Dubai-based company generates most of its business by loading and unloading shipping containers at 49 sea cargo terminals around the world. It said its 2010 profit rose to $451.1 million, up from $370.1 million a year earlier. The growth was even larger once one-time gains and charges were stripped out. The company's adjusted profit rose 35 per cent to $450.1 million. "Almost all of our container terminals around the world are back at or ahead of volumes last seen in 2008, which was a peak year for the global container terminal industry," chairman Sultan Ahmed bin Sulayem said. DP World is the world's third largest seaport operator, and its results provide a useful snapshot of global trade levels. It runs cargo terminals on six continents, including the Middle East's busiest in Dubai. It is primarily focused on fast-growing markets in the developing world. Revenue increased nearly 9 per cent to $3.19 billion in 2010.