UAE Defense Firm Reports Sharp Profit Rise

ABU DHABI [MENL] -- A leading United Arab Emirates firm has reported a sharp profit increase in 2008.
The state-controlled Abu Dhabi Ship Building, or ADSB, reported a 175 percent increase in net profit for the second quarter of 2008. The rise in net earnings to 36.5 million dirham, or $9.8 million, was attributed to new contracts for Gulf Cooperation Council navies.