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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. For the first six months of the year, the UAE reported a 7% decline in volumes to 5.4 million TEU.
In the first half of the year we have opened our new terminal development at Doraleh, Djibouti and two terminals in Algeria, at Algiers and Djen-Djen, have joined our network taking our operational terminals to 49 terminals across 27 countries.
Chief Executive Officer, Mohammed Sharaf commented:
"The first six months of 2009 have seen some of the most challenging operating environments our industry has ever known. Whilst 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."
"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. We are also ensuring that our portfolio emerges in a highly competitive position to benefit from recovery in global trade. At this stage we expect to deliver full year results in line with expectations."
Posted by Nadeen El Ajou
