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DP World profits slump by a half

24 March 10 09:01 GMT

DP World, the container port business owned by troubled investment group Dubai World, has reported a slump in profits of almost a half.

Net profits came in at $333m (£222m) for the full year 2009, 46% lower than the previous year.

However, the company said it saw signs of recovery for the coming year.

Separately, reports suggest that state-owned Dubai World will unveil plans to restructure its $26bn worth of debt later this week.

Global stock markets were rocked at the end of last year when the company asked for a six-month delay on repaying its debts.

Stock flotation

"We are seeing positive signs of recovery," DP World said.

"However, it is still too early in 2010 to confirm sustainability as the macroeconomic environment and global trade patterns remain unpredictable."

At the start of this year, DP World said it aimed to float on the London Stock Exchange in the second quarter of 2010.

The company owns 49 ports around the world.

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