Abu Dhabi – Mubasher: Abu Dhabi Ship Building (ADSB) posted a rise in its profits by 24.6% year-on-year during the second quarter of 2017, according to a bourse statement.

Profits reached AED 40.04 million ($10.89 million) in Q2-17, compared to AED 32.14 million ($8.74 million) in Q2-16.

Contract costs fell 32% to AED 134.4 million in Q2-17, compared to AED 197.51 million in Q2-16.

In the first half of 2017, net profits fell 3% to AED 49.46 million from AED 50.92 million in the prior-year period.

Revenues declined 19% to AED 385.84 million in H1-17, while general and administrative expenses (G&A) rose to AED 78.3 million in the same period.