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FINANCIAL NEWS
Bahrain’s BASREC posts USD6m gross profit in 2012
31 Mar 2013
(MENAFN) Bahrain Ship Repairing and Engineering Company’s (BASREC) chairman, Mubarak Jasim Kanoo, stated that the company’s gross profit fell to USD6.02 million in 2012 from USD9.16 million a year earlier, reported Gulf Daily News.
Kanoo attributed the decline to the instability in the ship repair industry in addition to the rising competition.
He added that revenue dropped to USD14.25 million, compared with the USD18.67 million recorded in 2011.
The chairman noted that the company has granted several contracts to local contractors for the expansion of its facilities.
It is worth noting that Bahrain Ship Repairing and Engineering Company has sealed a 15-years long-term lease deal with the General Organization of Seaports for an area of 12,000 square meters at the Mina Salman Port, with its depot of shipping containers repairs being set up in the leased area.
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