Arab Ship Building & Repair Yard (Asry) achieved a record operating income of more than $50 million in the first quarter of this year.

Net operating income during the first three months of this year reached $51.416 million, an increase of 24.7 per cent over the last year's $41.226 million.

Asry chairman Shaikh Daij bin Salman Al Khalifa said that these results were due to the mutual efforts of the board of directors, management and all employees who co-operated together to develop and boost the company.

He forecasted that this would be the best year in Asry's history in terms of financial and operational results.

The number of vessels repaired or booked for repair during the first quarter was 59 compared to 49 vessels last year and 56 in 2006.

The chairman said that Asry had witnessed a difficult period in the previous months, but now the company had overcome this period and saw many changes aimed at its development and prosperity. These included changes in the management, strategy and policies.

He said that Asry will witness a new phase of expansion in the next months when the Slipway Project and new berth will be launched on May 14.

These will allow the company to repair more vessels and provide more offshore services.-TradeArabia News Service