Arab shipbuilding and Repair Yard Company (Asry) has achieved a net operating income of $66.118 million in the first five months of this year, said its top official.

The number of vessels repaired during this period reached 69, this was announced during the company's 116th meeting, which was presided by chairman Shaikh Daij bin Salman Al Khalifa.

Representatives from the remaining shareholding countries, Saudi Arabia, Qatar, Kuwait, the UAE, Iraq and Libya were also present at the meeting.

The Asry board thanked the management and all the employees of the company for their sincere and hard work which was carried out in the face of severe competition.

The board reviewed two reports regarding the activities of the executive committee and the project development committee and commended the efforts of these two committees.

It also accepted recommendations of the latest financial feasibility study of the company's strategic plan for the years 2008-2012.

The board also reviewed a number of proposals related to investment, corporate governance and cost saving projects.-TradeArabia News Service