ABG Shipyard posts full year profit of $34.3mln

India's ABG Shipyard posted lower net profit but higher revenue in the financial year ended 31 March 2012, Seatrade Asia online reports.

Full year net profit for the shipyard was INR1.9bn ($34.3m), a shade off the $1.96bn of profit recorded in the previous year. Revenue, however, grew to INR24.7bn from INR21.3bn but operating costs were also higher at INR18.8bn compared to INR16.3bn a year ago.

“Global economies are not well. What is affecting India is the interest costs, non-availability of money and working capital,” said D Datar, ceo of ABG Shipyard.