28 Mar 2010

Port operator DP World profit drops

1:01 pm on 28 March 2010

The head of the world's fourth largest ports operator says international shipping is showing signs of recovery, but it's too early to say how sustainable it will be.

DP World's profits came in at $US333 million for 2009, which was 46% lower than the previous year.

Chief executive Mohammed Sharaf says the worst is now over, however global trade patterns remain unpredictable.

He says 2009 was the first time the containerised industry had seen a decline in its almost 60 year history, but long term confidence in the industry is strong.

The results come as the firm's parent company, Dubai World, unveils its plan to restructure $US23.5 billion worth of debt.

The government in Dubai will provide $US9.5 billion in funding to help the state-controlled investment firm restructure its debt.

Creditors will now decide on whether to accept the plan.