Port operator DP World H1 profit falls 56% as container volumes slump
Add BT as a preferred sourceDeeperDive is a beta AI feature. Refer to full articles for the facts.
[DUBAI] Global port operator DP World reported a 56 per cent slump in first-half profit on Wednesday as it handled fewer container volumes and reiterated that its outlook was uncertain due to the Covid-19 pandemic.
Some cities are reintroducing restrictions after a recent rise in coronavirus infections, which earlier this year shut cities and factories, leading to global supply chain disruptions.
Dubai state-owned DP World made a profit of US$333 million in the January-June period, compared with US$753 million a year earlier, it said in a statement. Revenue grew 18 per cent to US$4.1 billion.
Container volumes declined by 5.3 per cent to 33.8 million.
Chairman Sultan Ahmed bin Sulayem said the company had performed better than expected, although cautioned the outlook was uncertain because of the health crisis.
"We remain positive on the medium to long-term fundamentals of the industry," he said.
Navigate Asia in
a new global order
Get the insights delivered to your inbox.
The Dubai government this year bought back shares in DP World it did not already own, returning the company to full state ownership.
REUTERS
Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.
Share with us your feedback on BT's products and services
