Austal rides high in first-half results

27 February 2018

Australian shipbuilder Austal has recorded an increase in earnings before interest or tax (EBIT) of 62% in the second half of 2017, which it largely attributes to successes on programmes it has to provide vessels to the US Navy.

EBIT was AUD29.2 million (USD22.9 million), which is up on the AUD18.1 million recorded in the same period the year before, while net profit after tax increased by 174% in the same comparative period from AUD9.3 million to AUD25.6 million.

Revenue was recorded as AUD653 million, which was up year-on-year on AUD649.2 million, while the order book across 13 different vessel programmes for Australia, China, the Philippines, and the United States stood at AUD3.4 billion.

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