UAE's DP World says profit up 50 pct in first 6 months

Dubai Ports World (DP World) said here Thursday that its profit surged 50.2 percent in the first half of this year.

The shares of DP World, believed to be the world's third largest maritime port operator, are traded on Nasdaq Dubai.

DP World said its profit on a like-for-like basis rose a moderate 4.3 percent.

Like-for-like profit is calculated at constant currency without the addition of new capacities during the first half of 2016 at Yarimca (Turkey), Stuttgart (Germany), Antwerp Inland (Belgium), Prince Rupert (Canada) and Dubai's Jebel Ali Free Zone in its home market, United Arab Emirates (UAE), the firm said.

"The more modest like-for-like earnings growth is a reflection of the challenging trade environment," said DP World Chairman Sultan Ahmed Bin Sulayem. "This financial performance has been achieved despite uncertain market conditions, which once again demonstrates the resilient nature of our portfolio."

In 2016, DP World, whose portfolio consists of over 70 ports globally, invested 586 million U.S. dollars in key growth markets.

"This investment leaves us well placed to capitalize on the significant medium- to long-term growth potential of this industry," said the chairman.

In a media conference call, Bin Sulayem said the Brexit vote is expected to have an impact in the second half of 2016, but not a significant one, "because 90 percent of our operations in England are serving the local market there." Endit