Dubai Port World sacks 100 people

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Thursday, 26 March 2009

Dubai's flagship port operator Dubai Port (DP) World has retrenched 100 staff, as its business fell as a result of the global downturn. The company, one of the world's largest container operators, reported in its year-end results that it had seen an eight per cent drop off in trade volumes in the first two months of 2009.
However, no more redundancies were expected, the company said, adding that it was looking to perform better than any of its competitors in the market this year, the Arabian Business said.
''It is such an insignificant number of this global business.
There are really no redundancies. We have high levels of capacity utilisation in our business even as we speak today,'' Yuvraj Narayan, DP World chief financial officer said. Last year the company saw a 48 per cent rise in its profit after tax, with continuing operations rising to 621m dollar , but only after a sharp contraction in the last quarter of the year.
Nabil Ahmed, analyst at Deutsche Bank, however, cut the company's sliding share price target to 0.30 dollar. DP World operates 48 marine terminals and 13 new port developments in 31 countries.
Source: WebIndia123