Dubai’s DP World , the world’s fourth-largest container terminal operator, said on Thursday that net profit fell by more than a third in the second half of the year, and warned that the outlook was still “bleak” for the industry.

Adjusted net profit after tax from continuing operations slumped to $188m in the first six months of the year, down from $287m in the same period last year, as a cost-cutting drive failed to stem a drop in volumes and revenue.