Capital ship builder's revenue riding a wave - The National

Abu Dhabi Ship Building (ADSB) has announced that its contract revenue jumped by more than Dh200 million (US$54.4m) last year to Dh1.3 billion but said its profit had slipped.

The company, which yesterday posted its preliminary results for last year, reported that net profit before currency fluctuations had dropped to Dh56.4m from Dh86.3m in 2010. Earnings per share were 19.4 fils compared with 41.9 fils in 2010.

"The reduction compared to 2010 was expected," the company said in a statement to the Abu Dhabi bourse. "ADSB won a new contract for vessels' upgrades, but no other major new contract."

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