ASRY Gains to Reach $6 Million

According to a Gulf Daily News report, the net profit of the Arab Shipbuilding and Repair Yard Company (ASRY) is expected to reach $6.4 million this year while the net operating income is projected to reach $106 million, compared with $93 million last year. The projections were made after the company's board of directors reviewed the results for the year 2005. The board met under the chairmanship of Eid Abdulla Yousif and was attended by representatives of shareholding countries. Also present was ASRY chief executive Mohammed Al Khateeb. A total of 144 vessels were repaired or booked for repair, most of which were large crude carriers. The board was briefed on the progress of an expansion project under way, involving the construction of a 140 m slipway, capable of accommodating three ships at a time. The project is on target to be completed by July 2007, said the report. The board approved next year's budget and resolved to continue its support for the training and Arabization programs. Source: Gulf Daily News