Austal profits slightly down from record levels

Perth international shipbuilder Austal now expects its revenues and profits for this year will be slightly down on the records it set in FY 2020.

The company, which builds ships in Perth, the Philippines, Vietnam and at Mobile, Alabama in the US, has continued to perform well during the Covid-19 pandemic however throughput is down with revenues for FY 2021 now expected to be around $1.8 billion.

Improved margins on building warships for the US Navy and at its Henderson yard in Perth will help hold up profits at around $125 million, down from last year’s $130 million record.

An appreciation of the Australian dollar also subdued profits which are reported on an Australian dollar basis.

The company will further update investors on expectations later in the year.

Picture: Austal/US Navy littoral combat ship

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