Austal Reports 300% Rise in Net Profit

24 August 2010 (Last Updated August 24th, 2010 18:30)

Austal has reported a 300% rise in net profit of $37m for the 12-month period ended 30 June 2010. The Australian shipbuilding company attributed the rise to an increase in revenue from its US operations, according to finnewsnetwork.com.au. Austal said its productivity increased 40

Austal has reported a 300% rise in net profit of $37m for the 12-month period ended 30 June 2010.

The Australian shipbuilding company attributed the rise to an increase in revenue from its US operations, according to finnewsnetwork.com.au.

Austal said its productivity increased 40% in the year with a current backlog of $923m of work.

The company predicts an estimated annual revenue of $320m from its US operations until 2015.