DP World Limited DP WORLD REPORTS 10.5% LIKE-FOR-LIKE VOLUME GROWTH (6377F)

TIDMDPW

RNS Number : 6377F

DP World Limited

28 April 2014

DP WORLD REPORTS 10.5% LIKE-FOR-LIKE VOLUME GROWTH IN FIRST QUARTER OF 2014

Dubai, UAE Monday 28 April 2014 - DP World Limited will today hold its Annual General Meeting for the year ended 31 December 2013. DP World Chairman Sultan Ahmed Bin Sulayem will make the following statement regarding operational performance in the first quarter of 2014.

"DP World Limited handled 14.3 million TEU (twenty-foot equivalent units) across its global portfolio of container terminals during the first quarter of 2014, with gross container volumes growing by 10.5% on a like-for-like([1]) basis. On a reported basis gross volumes grew by 11.6% as new volumes from London Gateway (UK) and Embraport (Brazil) contributed to the portfolio, benefitting the reported numbers.

"First quarter growth was largely driven by an improved performance from our Asia Pacific, India and UAE terminals, with Europe continuing to show signs of improvement. The UAE delivered a very strong quarter handling 3.6 million TEU, representing growth of 17.5%.

"At a consolidated([2]) level, our terminals handled 6.8 million TEU during the first quarter of 2014, a 12.8% improvement in like-for-like([3]) performance. On a reported level, consolidated volumes showed slightly softer growth at 9.1% due to the divestment of CT3 (Hong Kong) in March last year.

"As anticipated, we have seen a return to volume growth in 2014 due to the addition of new capacity and a pick-up in global trade in the first quarter. We are encouraged by the volumes handled at our flagship Jebel Ali port, with the 1 million TEU expansion of Jebel Ali's Terminal 2 contributing to the strong result. The addition of 4 million TEU capacity with Terminal 3 opening this year will ensure we are well placed to handle future capacity demands in Dubai.

"Our key developments at Nhava Sheva (India) and Rotterdam (Netherlands) remain on schedule for delivery and we recently commenced construction at Yarimca in Turkey, where we anticipate adding approximately 0.8 million TEU capacity in the second half of 2015.

"Overall, we are very pleased by the portfolio's first quarter performance which shows we have the right capacity in the right locations. Despite a solid start to the year, macro-economic conditions across some locations remain uncertain, however, we believe we are well positioned to outperform the market which is forecast to grow at approximately 5% in 2014.

"As always, we remain focused on driving profitability by targeting higher margin throughput while containing costs and improving efficiencies. We remain confident of meeting full year market expectations."

Investor Enquiries

 
 Redwan Ahmed                Jasmine Lindsay 
  DP World Limited            DP World Limited 
  Mobile: +971505541557       Mobile:+971504220405 
  Direct:+97148080842         Direct: +97148080812 
  redwan.ahmed@dpworld.com    jasmine.lindsay@dpworld.com

Further Information

-- During 2013 DP World divested / monetized approximately 1.6 million TEU capacity from the Asia Pacific and Indian Subcontinent region which impacts our reported throughput numbers shown below. We have therefore shown like for like numbers to remove the impact of these divestments.

 
 Gross Volumes            1Q 14    1Q 13        % 
                                             (Like for 
  '000 TEU                                     like) 
-----------------------  -------  -------  ----------- 
 Asia Pacific 
  & India Subcontinent     6,773    6,074       +11.5% 
                                              (+11.5%) 
-----------------------  -------  -------  ----------- 
 Europe, Middle 
  East and Africa*         5,867    5,168       +13.5% 
                                              (+12.8%) 
-----------------------  -------  -------  ----------- 
 Americas & 
  Australia                1,696    1,599        +6.1% 
                                               (-1.0%) 
-----------------------  -------  -------  ----------- 
 Total Group              14,336   12,840       +11.6% 
                                              (+10.5%) 
-----------------------  -------  -------  ----------- 
 
 
 *UAE Volumes 
  included in 
  Europe, Middle 
  East and Africa    3,599   3,062   +17.5% 
------------------  ------  ------  ------- 
 
 
 Consolidated             1Q 14   1Q 13       % 
                                           (Like for 
  '000 TEU                                   like) 
-----------------------  ------  ------  ----------- 
 Asia Pacific 
  & India Subcontinent    1,188   1,280        -7.1% 
                                            (+13.6%) 
-----------------------  ------  ------  ----------- 
 Europe, Middle 
  East and Africa*        4,966   4,337       +14.5% 
                                            (+13.7%) 
-----------------------  ------  ------  ----------- 
 Americas & 
  Australia                 601     577        +4.3% 
                                             (+4.3%) 
-----------------------  ------  ------  ----------- 
 Total Group              6,756   6,193        +9.1% 
                                            (+12.8%) 
-----------------------  ------  ------  -----------

[1] Like for like gross container volume growth adjusts for new capacity at Embraport (Brazil) and London Gateway (UK)

[2] Consolidated terminals are those where we have control as defined under IFRS.

[3] Like for like consolidated volume growth adjusts for the divestment of CT3 (Hong Kong) and new capacity at London Gateway (UK).

This information is provided by RNS

The company news service from the London Stock Exchange

END

MSCGRGDSIGDBGSI

Grafico Azioni DP World (LSE:DPW)
Storico
Da Mag 2024 a Giu 2024