03 May 2010
(MENAFN) Abu Dhabi Ship Building (ADSB), builder and integrator of military vessels in the Middle East, said that its profit grew to $7.35 million in the first quarter, compared to $2.91 million in the year-earlier period.
ADSB Chief Executive Officer, William Saltzer, attributed the rise in first-quarter profit to the increased activity on new contracts that the company had signed with the Critical National Infrastructure Authority (CNIA) and the UAE Navy in the second and third quarter last year.
Saltzer also pointed out that the ADSB is heading towards launching the second Baynunah Class 72m Naval Corvette by mid-2010, which will mark the completion of another milestone in this project for both the company and the UAE Navy.
Currently, ADSB has two joint ventures set up, Abu Dhabi Systems Integration (ADSI) which is a partnership with Selex Systemi Integrati from Italy and Gulf Logistics and Naval Support (GLNS), a partnership with UK-based BAE Surface Fleet, Saltzer added.
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