Abu Dhabi shipbuilder sees 175% profit rise

Abu Dhabi: Abu Dhabi Ship Building (ADSB) said yesterday its fiscal second quarter (April-June) net profit rose 174.85 per cent on year to Dh36.57 million.

Its net profit for the first half of the year crossed Dh63.31 million, while the revenue for the same period was in excess of Dh380.44 million, ADSB told the Abu Dhabi Securities Exchange, where it is listed.

The company's shares, however, remained unchanged on the market, closing at Dh5.15 a share yesterday .

"Contracts in progress and new contracts received this year, including building of 12, 34-metre patrol boats for the UAE coast guard and two 65-metre corvettes for the UAE navy is the reason for ADSB's impressive growth in net profit and revenue," William D Stewart, ADSB's vice-president for marketing, told Gulf News.

"This strong performance resulted in record high earnings per share of 32.54 fils for the six months ended 30 June 2008," said ADSB's chief executive officer, William S Saltzer.

Established in 1996, ADSB is 40 per cent owned by the Mubadala Development Company and 10 per cent by the Abu Dhabi government. The remaining is owned by individual shareholders.