Thursday, November 1, 2012

DP World third quarter down slightly, says EBITDA will match expectations

Global port operator DP World posted a slight downturn in the third quarter, but predicts its EBITDA will be in "in line with expectations" for 2012, according to a company statement it gave to NASDAQ Dubai today.

DP World's container volumes in the third quarter decreased 1 percent to 14.2 million TEUs for its container terminals. The decline was due to due to the divestment of three joint-venture terminals and "a decline in volumes in Europe, the Middle East and Africa," the statement said.

"The third quarter of the year has seen a slowdown in container volume growth with some of our regions reporting a small decline in volumes reflecting the challenging macroeconomic environment," Chief Executive Officer Mohammed Sharaf said in the statement. "Whilst there remains uncertainty within the macro economy, we continue to believe we will achieve EBITDA in line with expectations."

No details were given about the company's forecast for earnings before interest, taxes depreciation, and amortization.

In the first nine months of 2012, DP World said gross container volumes increased 4.5 percent because of growth in the Americas, Asia Pacific, the Middle East and the United Arab Emirates.

DP World shares this year have gained 20.8 percent overall, and rose by 0.3 percent to $11.65 at 10:53 a.m. in Dubai today.

For more of the Bloomberg Businessweek story: businessweek.com

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