ADSB’s Profits Drop in 2010

14 February 2011 (Last Updated February 14th, 2011 18:30)

UAE shipbuilder Abu Dhabi Ship Building (ADSB) reported a profit of AED90.6m ($25m) in 2010, a 20.7% fall from its 2009 figure. The company's revenue reached AED1.13bn ($307.6m), a decline of 2.67% compared with the previous year, but exceeding AED1bn ($272m) for the second yea

UAE shipbuilder Abu Dhabi Ship Building (ADSB) reported a profit of AED90.6m ($25m) in 2010, a 20.7% fall from its 2009 figure.

The company’s revenue reached AED1.13bn ($307.6m), a decline of 2.67% compared with the previous year, but exceeding AED1bn ($272m) for the second year in a row.

The gross profit was consistent with no change in operations and product mix due to significant progress on existing long-term projects, the company said.

ADSB also unveiled plans to continue investing in its facilities to support future growth, noting that its profits had declined mainly because of low prices in the marine engineering industry, according to zawya.com.

The company is 40% owned by Mubadala Development Company, 10% by the Abu Dhabi Government and the remaining 50% by 50,000 national shareholders.