UAE container ports operator DP World has reported strong full year profits citing an increase in the volume of cargo shipping and cost savings.

DP World revealed a 2010 full year net profit of USD 450 million compared with USD 333 million for the year before. In December, the firm sold 75% stake in its Australian ports for USD 1.5 billion in order to reduce its debt levels.

Mr Mohammed Sharaf CEO of DP World said that that “We have submitted the 2010 results to the exchange. It now depends on the process in London. We are hoping to do it as soon as possible."

(Sourced from www.bbc.co.uk)