Austal expects higher profits

Henderson-based shipbuilders Austal Ltd today announced it expected to perform above market expectations of $36 million net profit in its full-year result, due to "once-off benefits".

The news comes after the company won the $90 million tender for the building of two ferries for the Sultanate of Oman in April this year, and will come as welcome news to investors after the company recorded a half-yearly net profit of $18.6 million in March, down 11.5 per cent on the same period last year.

The official announcement is below:

Whilst Austal has not provided a full year profit forecast for 2006 it has been noted that market expectation is assuming a range of 33 to 36 million dollars NPAT.

Austal wishes to advise that, due to "once-off" benefits, the company expects to perform significantly ahead of this expectation.