Austal delivers 19 ships, reports second-higest earnings

Perth international shipbuilder Austal delivered 19 ships in the year to June 30- and achieved its second-highest ever earnings.

The company reported a fall in revenue of 24.6 per cent for the year to $1.57 billion from its shipyards in Perth, Vietnam (pictured), the Philippines and Mobile, Alabama.

CEO Paddy Gregg said: “Austal has delivered strong profit and earnings as we strengthen our position to unlock significant long-term opportunities in the shipbuilding industry and broader defence sector.

“Our net profit after tax and earnings before interest and tax figures for FY2021 totalled $81.1 million and $114.6 million respectively, which were both our second highest on record.”

The FY2021 results were impacted by an appreciation in the average USD/AUD exchange rate from $0.666 to $0.733, the steady reduction in littoral combat ship (LCS) volume, COVID-related border closures, travel restrictions and resourcing challenges.

The company’s US defence operations, which build two classes of aluminium multi-hulled vessels for the US Navy, again drove the result, with increased shipbuilding margins.

Perth, which builds aluminium passenger and vehicle ferries, and steel and aluminium-hulled monohull ships for Australian and regional navies, also improved margins.

“This is a testament to the durability of our operations and our ability to maintain a robust financial base, even amidst the challenges of a COVID-19 impacted environment in FY2021.”

Picture: Austal Vietnam

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