Global trade slump hits volumes at ports
DP World’s net profits fell 34 per cent to $188m in the first half as the decline in global trade hit container volumes at the company’s ports.
Throughput at port terminals, that are majority-owned by DP World, was 12.3 million twenty-foot equivalent container units (TEUs). This is a 10 per cent decrease on the 13.6 million TEUs recorded during the first half of 2008.
The company’s revenue for the first six months of 2009 were $1.4bn, down from $1.6bn during the first six months of 2008.
Mohammed Sharaf, chief executive officer (CEO) at DP World, says the market prospects for the second half remain unpredictable, but the group’s focus on emerging markets and the UAE continued to deliver a solid performance.
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