Abu Dhabi – Mubasher: Abu Dhabi Ship Building Company’s earnings declined in the first quarter of fiscal 2016 by 53.2% year-on-year.
Net profit reached AED 18.78 million (5.12 million) in Q1-16, versus AED 40.12 million in Q1-15 in Q1-15, according to a bourse statement.
The ADX-listed company attributed the fall in profit to the increase in contract costs by 26.56% to AED 145.26 million by the end of March 2016, compared to AED 114.78 million in the same period of 2015.
Abu Dhabi Ship Building earlier posted a net profit of AED 86.755 million in 2015, against net losses of AED 131.7 million in 2014.
