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‘I need to perform at my best and hopefully have options moving forward,’ says the 24-year-old golfing talent
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DPW comments on 2005 results
DUBAI— Following recent Press comments concerning DP World results, Dubai's state-owned port company, it has issued a clarification. Profits fell 5.4 per cent last year following its acquisition of container terminals from CSX Corp, according to a statement filed with Dubai International Financial Exchange (DIFX). DP World was required to release its earnings after its parent company, Ports, Customs and Free Zone Corp listed a Sukuk on the DIFX.
In February 2005, DP World, previously known as Dubai Ports Authority, agreed to buy container terminals in countries including Hong Kong from Florida-based CSX for about $1.15 billion. As a consequence, operating expenses in the year climbed 56 per cent to Dh1.06 billion.
Net income fell to Dh880.3 million from Dh931 million in 2004. Sales increased 46 per cent to Dh2.47billion. However, these figures only relate to companies in which DP World has a majority stake and do not include any company in which it has a lesser stake such as the container terminals at Jeddah, Saudi Arabia and Vizag, India.
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