Austal (Australia) profits boost
Australian fast ferry builder Austal made a half-year profit of A$19.4m (US$15.2m) after income tax and outside equity interests. The company says revenue increased by 49% over the corresponding previous period with an increase in operating profit before tax of 32%.
Executive Chairman, John Rothwell said: "It is a pleasing result, particularly considering the huge growth the company has experienced in the US. The company's investment in staff training programmes has put Austal USA in a good position to deal with future orders."
The company says its workforce has almost doubled in the US in the last 12 months and has gained on average an additional 35 new starters per month for the last 6 months. In September, Austal purchased the minority interest in Austal USA resulting in a significant expansion strategy being implemented.
New contracts were confirmed in November and December respectively for multiple fast ferries to be built in Australia valued at $200 million and for the second 127 metre trimaran Littoral Combat Ship (LCS) for the US Navy valued at approximately $135 million.
Commenting on the future outlook, Mr Rothwell said: "With the expanded workforce in both Australia and USA we are well positioned to deliver on the substantial order book ahead of us."
Meanwhile Austal has announced it has received an A$36m order for two 47.5 metre high speed aluminium passenger ferries for Hong Kong operator New World First Ferry Services Ltd (Macau).
Executive Chairman, John Rothwell said: "It is a pleasing result, particularly considering the huge growth the company has experienced in the US. The company's investment in staff training programmes has put Austal USA in a good position to deal with future orders."
The company says its workforce has almost doubled in the US in the last 12 months and has gained on average an additional 35 new starters per month for the last 6 months. In September, Austal purchased the minority interest in Austal USA resulting in a significant expansion strategy being implemented.
New contracts were confirmed in November and December respectively for multiple fast ferries to be built in Australia valued at $200 million and for the second 127 metre trimaran Littoral Combat Ship (LCS) for the US Navy valued at approximately $135 million.
Commenting on the future outlook, Mr Rothwell said: "With the expanded workforce in both Australia and USA we are well positioned to deliver on the substantial order book ahead of us."
Meanwhile Austal has announced it has received an A$36m order for two 47.5 metre high speed aluminium passenger ferries for Hong Kong operator New World First Ferry Services Ltd (Macau).