Abu Dhabi – Mubasher: Abu Dhabi Ship Building (ADSB) turned profitable during the first half of 2019.

Net profits amounted to AED 774,000 in H1-19, against net losses of AED 8.9 million in H1-18, according to the firm’s recent filing to the Abu Dhabi Securities Exchange (ADX).

The company achieved profits due to the drop in contracts’ costs by 42% to AED 53.57 million during the first six months of 2019, compared to AED 92.05 million in the same period of the prior year.

By the end of June, revenues plunged by 75% year-on-year to AED 866,000.

It is worth noting that ADSB incurred losses worth AED 135.87 million in full-year 2018, versus profits of AED 104.8 million in 2017.