DP WORLD chief executive Mohammed Sharaf has described the first six months of 2009 as the “most challenging operating environment our industry has ever known”.
The comments came as DP World reported a 10% fall in consolidated half year container volumes at its 49 terminals worldwide, which handled 12.3m teu in the six months to June.
The Dubai-based container terminal giant said that the results would lead to “an inevitable decline” in half year profits before tax.
“Despite this decline in volume, DP World continued to outperform the market given our diversified global port portfolio favouring those markets where container trade volumes have been less impacted by the challenging macroeconomic climate, in particular across the Middle East,” the company said.
For the first six months of the year, the company’s home base of UAE reported a 7% fall in volumes to 5.4m teu.
“While DP World has performed better than the market, the 10% decline in consolidated volumes will lead to an inevitable decline in first half profit before tax against the same period last year,” Mr Sharaf said.
“The unpredictable trends in global trade we have seen in the first half of the year continue into the second half of the year.
“Our terminals remain very focused on cost cutting and improving efficiencies to minimise the impact of declining volumes on profitability. At this stage we expect to deliver full year results in line with expectations.”
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