P&O PORTS EARNINGS IMPROVE IN 2001

P&O PORTS EARNINGS IMPROVE IN 2001

   P&O Ports reported an operating profit of '115.1 million ($163.9 million) in 2001, up 12 percent over the '102.5 million in 2000.

   Revenue rose 18.6 percent to '630.7 million ($897.9 million), as the company saw growth at the majority of its terminals.

   Total container throughput for the year climbed 18 percent to 9.8 million TEUs. Organic volume growth was 9 percent in 2001, compared to 16 percent in 2000, P&O Ports said.

   'The reduced rate of growth occurred largely in the second half of the year as the U.S. economy slowed,' the company said. 'It was nevertheless twice the underlying growth rate estimated for the industry worldwide.'

   P&O Ports spent about '120 million ($171 million) on acquisitions and new facilities in 2001,    including commencing operations at Chennai in India, the nation's second-largest container port behind Mumbai, where P&O Ports already has a major presence. Capacity upgrades were made at New York, Mumbai and Southampton. The terminal operator said it is also exploring investment opportunities in other countries, including China, India, the Philippines and the United States.