ADSB profit doubles to Dh49.3m

Abu Dhabi Ship Building (ADSB) third quarter profit nearly doubled on increased contract revenues but 9-month net fell over 20 per cent.

Third quarter profit jumped to Dh49.35 million compared to Dh25.2m for the same period last year while 9-month net dropped to Dh76.6m against Dh96.58m for the same period last year.

Its third-quarter gross profit jumped 46 per cent to Dh86.4m but fell marginally to Dh193.8m during the 9-month period.

Its assets grew nearly two per cent to Dh2.27 billion at the end of September 2010 against Dh2.22bn at the end of 2009.

Its earnings per share also doubled to 23.13 fils from 11.71 in Q3 2009.