Profits slide for Dubai's DP World port operator amid virus:
International port operator DP World said on Wednesday profits were down 56% for the first half of the year, with earnings sliding to $333 million as coronavirus lockdowns and a global recession impact trade around the world.
The Dubai state-owned company’s $420 million dollar drop in profits for the period between January to June was due largely to a decline of nearly 4% in container volume at DP World ports.
“The COVID-19 outbreak has undoubtedly resulted in one of the most challenging periods in the history of our industry,” DP World Group Chairman and CEO, Sultan Ahmed Bin Sulayem, said in a statement.
Already, full-year profits had fallen by more than 8% to $1.2 billion last year amid trade wars and other disruptions.
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