DP World, the global terminal operating arm of Dubai World, has started 2009 with a decline in consolidated throughput across its network, with an average slowdown of eight per cent registered in the first two months of the year.
Despite announcing strong results for 2008, company officials said the volume deceleration witnessed in the last quarter of 2008 had continued into early 2009 with no signs of easing in the foreseeable future. The company considers its current market valuation disappointing and will call a board meeting in the coming months to evaluate available options to address the situation.
The company results announced yesterday showed profit after tax for continuing operations rising by 48 per cent to $621 million (Dh2.28 billion), while revenue growth increased 20 per cent to $3.3bn.
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