* Q3 consolidated terminal volumes down 0.7 pct
* Handled 14.2 million TEU in Q3, down 1 pct
* Follows divestments of some non-core assets
* This will allow new investments, cash recycle
DUBAI, Oct 30 Dubai port operator DP World
, which recently disposed of stakes in some non-core
assets, reported a slight decline in its consolidated terminal
volumes for the third quarter.
The world's third-largest port operator said on Tuesday that
terminals in which it owns majority stakes recorded a 0.7
percent year-on-year fall to 6.94 million TEU (twenty-foot
equivalent units) in the third quarter.
This was because the Asia-Pacific and Indian subcontinent
region and the Europe, Middle East and Africa region reported
DP World, one of the more profitable assets of conglomerate
Dubai World, also posted a 1.0 percent drop to 14.2
million TEU in gross volumes, which include all terminals in
which it owns a stake.
The drop reflected the recent divestment of three joint
venture terminals and a decline in volumes in the Europe, Middle
East and Africa region, the firm said in a statement.
Excluding the effect of the divestments, gross container
volumes rose 0.5 percent in the third quarter.
The company had reported flat profits for the first half of
this year as growth in its Gulf operations offset tough global
DP World, which operates more than 60 terminals across six
continents, has in the last several months sold stakes in
Russian container terminal Vostochnaya Stevedoring Co,
British-based Tilbury Container Services and operations in
Belgium. It has also quit its venture in Yemen.
"These recent divestments allow us to recycle cash into
projects already within our pipeline, such as Jebel Ali (United
Arab Emirates) and London Gateway (United Kingdom) and, over
time, to invest in new opportunities in line with our strategy,
while maintaining balance sheet strength and flexibility,"
chairman Sultan Ahmed Bin Sulayem said in the statement.
Shares of DP World have climbed 20 percent this year on
Nasdaq Dubai. The company is also listed on the London Stock