Port operator DP World sees 2020 profits drop 29% amid virus

DUBAI, United Arab Emirates (AP) — Dubai-based port operator DP World has announced its profits slid 29% in 2020 from the previous year to $846 million, as the coronavirus pandemic froze supply chains and upended global trade flows. The port operator, which delisted from the stock exchange and returned to full state-ownership last June, remained cautiously optimistic in its 2020 financial report released Thursday. DP World said its revenue in 2020 climbed 11% to $8.53 million, a rise it attributed to a year of acquisitions. DP World now operates in 61 countries along some of the world’s busiest shipping routes, from Brisbane, Australia, in the East to Prince Rupert, Canada, in the West.