Home > Austal sees big profit jump for financial year

Austal sees big profit jump for financial year

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Ship maker Austal has posted a net profit of nearly $36 million for the year 2012/2013, with efficiencies and improved margins credited for the strong result.

According to AAP, the result was more than triple the profit for the previous year, and the record revenue of $903 million was due to increased work for the United States’ Navy.

"Our key objectives for the year were to drive operational improvements and efficiencies across our businesses and strengthen the balance sheet to support our record order book, and we took major steps in the year to deliver on those," CEO Andrew Bellamy told The West Australian.

"Outside the US we returned our Australian operations to a breakeven result as construction on the $330 million Cape Class Patrol Boat contract increased, and we reported a maiden profit at our Philippines shipyard in its first full year as we delivered on commercial and wind farm vessels."

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