 In addition, profitability of the company has been on the rise despite elimination of state subsidies as a result of adopting a cost management, planned maintenance strategy, so that, the company’s net loss which amounted to $15 million in 1999 has been turned around to more than $150 million profits during the 2003–04 fiscal year.According to the article 44(C) of the Iranian Constitution, IRISL is ready for privatization.In 2016, IRISL ordered 10 ships by Hyundai Heavy Industries Co. for the amount of $700 million, thus undermining its domestic naval industry.