DUBAI (Zawya Dow Jones)--Dubai-based port operator DP World (DPW.DIF) Monday said it expects 2009 profit to drop as falling container volumes amid the global economic slowdown hit earnings.
"Our 8% decline in volumes will lead to a decline in full year profit before tax against the same period last year," DP World Chief Executive Mohammed Sharaf said in an emailed statement. "However management's focus on cost cutting and maintaining revenues has mitigated the downside and we expect to report 2009 results in line with expectations."
DP World shares closed Sunday 1.9% lower at $0.52 on the Nasdaq Dubai exchange.
-By Stefania Bianchi, Dow Jones Newswires; +971 4 4461685; stefania.bianchi@dowjones.com
Source:online.wsj.com/
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