AUSTAL has posted a $20.1 million profit for the financial year ended June 30, a marked improvement on the $18.7 million loss the company posted over the same period last year when it had to make some significant write downs.
Austal put its changing fortunes down to moving from building luxury yachts to building patrol boats.
Managing director Bob McKinnon said continued improvements in productivity in the commercial and defence contracts, particularly in the US, and lower losses from the luxury yacht construction contributed to the turnaround.
“The US operation’s financial results have improved markedly with the loss being reduced from $12.9 million in 2003 to $1 million in 2004,” he said.
“All outstanding motor yacht contracts have been completed and the facilities previously used for their construction are currently being utilised for the production of commercial and defence vessels.”
The group operating profit includes a write-back of the provision for the Austal Group Management Share Plan loans of $2.4 million. A provision of $3.7 million was created in 2002-03.
