Ship builder and defence contractor Austal has upgraded its after-tax profit guidance for the 2012-2013 financial year to between $35 million and $40 million.
Its shares rose 5.5 per cent after the announcement, to 87 cents, following previous guidance that its profit after tax would be in the range of $23 million to $26 million.
The global company, which has its head office in Henderson, said the reason for the increased profit was because it hadn't factored in non-cash tax credits for previous years' research and development costs.
Austal confirmed its full-year EBITDA guidance would be in the range of $65 million to 71 million, excluding the impact of its stock boats, consistent with previous guidance.
"While the tax benefit is a boost to our bottom line, it is simply the recognition of non-cash tax credits from prior years," Mr Bellamy said in a statement.
"It is pleasing however that the operational improvements and efficiencies that management and staff have driven across our businesses have been sustained throughout the year."
Full-year results will be presented by the company on August 29.