Asry projects big gains

The net profit of the Arab Shipbuilding and Repair Yard Company (Asry) is expected to reach $6.4 million this year while the net operating income is projected to reach $106m, compared with $93m last year.

The projections were made after the company’s board of directors reviewed the results for the year 2005. A total of 144 vessels were repaired or booked for repair, most of which were large crude oil carriers.

An expansion project will be completed by July 2007 and involve the construction of a 140-metre slipway, capable of accommodating three ships at a time.