Patient was taken to Al Dhaid Hospital for necessary treatment
Markaz, a financial firm based in Kuwait, projected that DP World would handle 40 million 20-foot containers in 2009, 15 per cent fewer than last year.
As a result, Markaz forecast in a research note that DP World’s revenues would tumble by 31 per cent to $2.58 billion from last year’s level of
$3.40 billion.
“The overall global trade volumes in the first three months of 2009 have witnessed a 15 per cent drop on a year-on-year basis. From its peak level in end 2008, the trade levels have fallen by 17 per cent,” the report said.
The impact of the slowdown in trade is more severe in the US and Europe than in emerging economies.
Markaz assumed a decline in net revenue of 10 per cent per 20-foot container and said this would account for much of the forecast decline in DP World’s revenues for 2009.
DP World is unlikely to benefit from current low interest rates because most of its debt has fixed rates. Its gross profits are expected to drop by 18 per cent to $684 million, Markaz said.
On the other hand, DP World could trim its variable costs by 16 per cent due to operational flexibilities, Markaz said. “The risk to our forecast is a steeper than expected recovery in global trade,” the report said.
DP World is the world’s fourth largest port operator in terms of containers handled. Although it has expanded rapidly in recent years, the recession has hit it hard, as it has other port operators. — haseebhaider@khaleejtimes.com
Patient was taken to Al Dhaid Hospital for necessary treatment
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