Our European and Indian subcontinent terminals continue to deliver a robust performance, while conditions in Australia and Latin America remain challenging. The UAE handled 11.1 million TEU, down 6.7% year-on-year due to a reduction in lower-margin transhipment cargo.
At a consolidated (2) level, our terminals handled 21.9 million TEU during the first nine months of 2016, a 0.3% improvement in performance on a reported basis and down 2.3% year-on-year on a like-for-like(3) basis.
DP World Group Chairman and CEO, Sultan Ahmed Bin Sulayem, commented:
“Despite the challenging market conditions, particularly in natural resource dependent economies, our portfolio continues to deliver growth, which once again demonstrates the benefits of operating a globally diversified portfolio.
“While the near-term global trade growth outlook appears soft, we expect our new developments in Rotterdam (Netherlands), Nhava Sheva (India), London Gateway (United Kingdom) and Yarimca (Turkey) to drive growth in our portfolio.
“We will continue to maintain capital expenditure discipline by bringing on capacity in line with demand, while focusing on targeting higher margin cargo, improving efficiencies and managing costs to drive profitability. Given the performance
(1) Like for like gross container volume does not include volumes at Yarimca (Turkey), Stuttgart (Germany), Antwerp Inland (Belgium) and Prince Rupert (Canada).
(2) Consolidated terminals are those where we have control as defined under IFRS.
(3) Like for like consolidated volume does not include volumes at Yarimca (Turkey), Stuttgart (Germany), Antwerp Inland (Belgium) and Prince Rupert (Canada).
Press release Tuesday 25 October 2016