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DP World Says 2012 Ebitda Matched $1.31 Billion Estimate

Jan. 29 (Bloomberg) -- DP World Ltd. expects full-year Ebitda to be in line with analysts’ estimates of $1.31 billion as the world’s third-largest port operator manages costs and benefits from lower net financing charges.

Container volumes rose 2.4 percent to 56.1 million twenty-foot equivalent units across it operations last year, DP World said in a statement to Nasdaq Dubai today. Adjusting for divestment of four joint-venture terminals, like-for-like gross container volume growth was 3.7 percent.

“After a strong start to the year we had a challenging second half,” Chief Executive Officer Mohammed Sharaf said in the statement. “Our tight focus on cost management and higher quality revenue mean we still expect to achieve Ebitda in line with expectations for 2012. Lower net financing charges will benefit reported profit before tax.”

The mean estimate of 11 analysts is for earnings before interest, taxes depreciation and amortization of $1.31 billion, according to data compiled by Bloomberg. DP World said growth in gross container volumes was driven by the Americas, Asia Pacific and Middle East regions, where the company focused on delivering improved efficiencies and productivity.

’Exciting Year’

DP World, which operates more than 60 terminals in six continents, said it is on track to open new capacity in Santos in Brazil, Jebel Ali in the United Arab Emirates and London Gateway in the U.K. this year.

“2013 is an exciting year for us,” Sharaf said. “Whilst there remains much uncertainty in the macro economy, we believe we are well-positioned to make further progress in 2013.”

DP World shares gained 21 percent last year. The stock closed at $13.05 in Dubai yesterday, taking the increase this month to 12 percent. The company expects to announce preliminary results on March 20.

To contact the reporter on this story: Stefania Bianchi in Dubai at sbianchi10@bloomberg.net

To contact the editor responsible for this story: Dale Crofts at dcrofts@bloomberg.net

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