Abu Dhabi – Mubasher: Abu Dhabi Ship Building (ADSB) posted a decline in its profits by 49.8% year-on-year during the first quarter of 2017, according to a bourse statement.

Profits reached AED 9.43 million ($2.57 million) in Q1-17, compared to AED 18.78 million ($5.11 million) in Q1-16.

Contract revenues declined 10.7% year-on-year to AED 172.46 million in Q1-17, while general and administrative expenses rose 27.1% year-on-year to AED 35.6 million.