Bahrain ship repair firm sees drop in profits
Manama, March 31, 2013
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.
The company's gross profit too was down from BD3.5 million to BD2.3 million, said a report in the Gulf Daily News, our sister publication.
Speaking at the group's annual meeting, Bahrain Ship Repairing and Engineering Company chairman Mubarak Jasim Kanoo said, "The construction by Asry of two new slipways with comparable capacity to our floating dock has definitely increased competition locally."
"The company is conscious of the importance of being competitive in the present day market conditions and has taken several cost-cutting measures. We are confident that with these the company will soon resume its upward growth trend and overall we remain positive about the future prospects of the company," he stated.
Kanoo pointed out that the company had embarked on the expansion of its facilities and had already awarded the projects to local contractors.
"The company has finalised a long-term lease agreement for 15 years with the General Organisation of Seaports for an area of 12,000 sq m at the Mina Salman Port and our depot of shipping containers repairs had been established in the leased area," said Kanoo.
"The major project of building a new floating dock of double the capacity of our existing dock has progressed and tenders have been invited from 10 international shipbuilding yards from the Far East and within the Gulf and these tenders will be opened within a month," he added.-TradeArabia News Service
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