Bahrain Ship Repairing and Engineering Company (Basrec) has embarked on a major expansion which includes a significant upgrade of its power supply as well as extension of berthing facilities.
This expansion will boost its already
Bahrain Ship Repairing and Engineering Company said its revenue fell from BD7.13 million ($18.7 million) in 2011 to BD5.44 million ($14.3 million) mainly due to volatility in the ship repair industry coupled with increased competition.
Bahrain Ship Repairing and Engineering Company (Basrec), which is in its 50th year of operations, said its 2011 full-year profit rose to BD2.6 million ($7 million) from BD2.2 million the previous year.
Last year was a good one for Basrec a
Bahrain Ship Repairing and Engineering Company recorded a profit of BD3.7 million ($9.82 million) last year, a 62 per cent increase over the same period in 2007.
The company is offering dividend worth BD480,000, 70 per cent of paid-up capi