Asry repair sales reach $40m in first quarter

Arab Shipbuilding and Repair Yard (Asry) chairman Shaikh Daij bin Salman bin Daij Al Khalifa presided over the 123rd board meeting.It was attended by representatives of the remaining

shareholding countries, Saudi Arabia, Qatar, Kuwait, the UAE, Iraq and Libya. The board reviewed and approved the financial statements and auditors' report for 2010 and raised a recommendation to the general assembly to approve them.
The board was also informed about the financial results during the first three months of 2011 as company's ship repair sales reached $40.154 million and 52 vessels were repaired.
The board thanked the management and all the employees of the company for their sincere and hard work, which was carried out in the face of severe competition.
The board approved the new organisational structure of the company and was informed on the progress of the expansion project including the construction of a quay wall for ship repair and offshore services, which is expected to be completed by December 2011.
The board was also informed with regard to a number of ongoing projects and reviewed a number of proposals and information related to administrative, marketing and technical matters.
They were also briefed on plans for continuous improvement.