Manama: Bahrain-based Asry, a leading ship and rig repair yard, earned revenues of $133 million during the period from January to October this year, it has emerged.

In a statement issued after the 142nd meeting of the company’s board, chairman Shaikh Daij bin Salman Al Khalifa said out of the main three income sources, revenues from ship repair operations yielded 13 per cent increase over the last year, thus partially making up for the downturn in marine rig repair, the second major source of income.

Revenues from new construction and engineering, the third source of income, also increased, he added.

“Operation-wise, the company maintained high overall number of vessels with 201 ships being repaired during the period against 146 ships during the same period last year, an increase of 37pc,” said Shaikh Daij.

He said during the period, repair of military ships also grew and the compaany continues to make good progress on a landing craft for the Bahrain Coast Guard,
which is scheduled for delivery in June next year.

“The company has also succeeded in reducing all operational, manpower and administration costs during this period compared to the same period of last year.”

According to Shaikh Daij, a key resolution of the board meeting was the approval of next year’s budget.

“The board reviewed the company’s financial and operational results, as well as the commercial activities of the company during the period and appropriate resolutions on certain important issues were adopted, which will support the coming growth of Asry,” he added.