Austal ships half year profit down

HENDERSON-BASED ship builder Austal Ltd recorded a half-yearly net profit of $18.6 million, down 11.5 per cent on the same period last year. The company posted revenue of $167.8 million, up 2.8 per cent on the previous corresponding period, with contracted commercial and defence orders providing (still to be recognised) revenue of $650 million through to 2009. Construction contract revenue of the Australian operations fell 20 per cent compared with the previous corresponding period. There was a corresponding increase in revenue from operations in the US, with a lower margin than the Australian operations. Austal said no dividend would be payable with respect to the interim period to December 31 2005.

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