356
39
th
Annual Report
stood at US$52.79 million. Book depreciation of tankers amounted to
nearly US424.34 million.
Gas transport and supply projects posted a net profit of about US$17.98
million. As a result, the net profit posted by the company rose by about
US$15.36 million, compared to 2011.
3. Company’s Financial Results for the First Half of 2012
Tanker operating income amounted to approximately US$44.21 million,
and the operating expenses were nearly US$35.65 million. Meanwhile,
book tanker depreciation amounted to about US$11.98 million. Net of
general and administrative expenses, and financing interest to banks, the
company posted a net profit of about US$30.12 million for the first half of
the year 2012.
II. THEARAB SHIPBUILDINGAND REPAIRYARD COMPANY
(ASRY)
The Arab Shipbuilding and Repair Yard Company was established on 8
December 1973, with an authorized capital of US$340 million, issued and
paid-up capital of US$170 million. The company is located in Manama,
Kingdom of Bahrain, and all OAPECmember countries, with the exception
of the Democratic People’s Republic of Algeria and Arab Republic of
Egypt, have stakes in the company. The objectives of the company cover
all operations of building, repairing and maintaining all types of ships,
tankers, and other maritime vessels for transporting hydrocarbons.
1. ASRY activities in 2011
The year 2011 marked ASRY’s celebration, in December, of the 35
th
anniversary of operation in the new 1380m long offshore platform. The
official ceremony was held under the patronage of His Majesty Sheikh
Hamad Bin Issa Al Khalifa, King of Bahrain, and was attended, on His
Majesty’s behalf, by His Royal Highness Prince Salman Bin Hamad Bin
Issa Al Khalifa, Crown Prince, and Deputy Chief Commander.
