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DP World reports $420 million profit PDF Print E-mail
Wednesday, 09 April 2008

Dubai, April 07: DP World, the world’s fourth largest port operator, on Monday reported a profit of $420 million for 2007, up 52 per cent on the previous year, according to Internet.

The company said its revenue from 42 terminals in 22 countries last year increased 32 per cent to $2.7 billion. “This is an excellent set of results driven by DP World’s well-positioned portfolio which benefits from the strong Asia to European trade routes and the growth of container cargo in the faster growing economies of the emerging markets,” DP World chairman Sultan Ahmad Bin Sulayem told reporters.

DP World raised $4.96 billion by selling 23 per cent of itself in the region’s biggest initial public offering last year and listed the shares on the Dubai International Financial Exchange (DIFX) in November.

The dollar-denominated stock has fallen more than 20 per cent since then and was trading at 92 cents in the afternoon. Bin Sulayem said the stock has not performed as per expectations. Company officials said they expect DP World’s container throughput growth this year to be better than the average industry growth predictions of about 12 per cent per annum.

It achieved 43.3 million TEUs in 2007, growing 18 per cent on the previous year. India to facilitate cement import from Pakistan(DC) Faced with increasing political pressure to check price rise, the government will facilitate more cement import from Pakistan in its all-out efforts to rein in inflation, which has touched a three-year high, according to Internet. ”Lot of cement capacity is coming up.

The Government will facilitate more cement import from Pakistan. In the last one year, cement prices have been reasonably stable,” Secretary in the Department of Industrial Policy and Promotion Ajay Shankar told reporters on the sidelines of a CII function. Shankar said though the government expects moderating of prices, it is keeping a constant watch on the price situation of both steel and cement.

”We are watching the situation carefully,” he said hoping that the steps already announced by the government will have an impact on checking inflation. He said the government expects a balance in demand-supply of cement in the current fiscal. Inflation touched a three-year high of seven per cent for the week ended March 22, on higher prices of food, vegetables, minerals and manufactured items, prompting the government to take a slew of measures to check the price rise.

The government had last week decided to abolish import duty on crude form of edible oils, cut rate on refined edible oils and ban non-basmati rice exports among other measures to ease the pressure off prices. India has already scrapped import duty on cement to boost domestic supplies.

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