Dubai-based port operator DP World's profits rise 12 percent to $675 million in 2014

MarketsAssociated Press

Dubai-based international port operator DP World says its profit rose 12 percent in 2014, a year in which it assumed ownership of a sister company that runs free-trade zones in the Gulf emirate.

The government-backed port operator said Thursday it earned $675 million in profit attributable to its owners last year, up from $604 million in 2013.

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DP World ranks among the world's largest port operators, with business at more than 65 marine terminals globally. It is heavily focused on fast-growing developing markets, and it runs the Middle East's busiest port, Dubai's Jebel Ali.

It says revenue in 2014 rose 11 percent to $3.41 billion.

DP World shareholders in December approved a decision to acquire Dubai government-linked free-trade zone operator Economic Zones World for $2.6 billion.