LONDON (ShareCast) - Port operator and property firm Forth Ports saw underlying profit before tax jump 38% to £16.5m in the first six months of 2008.

The group, which owns and runs seven commercial ports including Tilbury and Grangemouth, posted a 21% increase in revenue to £90.1m.

But profit before tax fell by £3m to £9m, reflecting a £7.5m reduction in value at Ocean Terminal due to a movement in commercial property yields.

The company has also received approval for its Leith Docks outline planning application.

“We believe that the security and breadth of our business is resilient to more challenging economic conditions,” said the group.

“New areas of activity in Nordic and energy, coupled with a strong project pipeline, give us exciting opportunities to grow earnings to generate further value for shareholders.”

The interim dividend rises 5.4% to 16.6p a share.

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