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Despite substantial cuts to US defence spending, Austal Limited (ASX:ASB) says naval shipbuilding orders are still strong.
Chief executive Andrew Bellamy says the US defence’s base budget will in fact rise from next year to 2017, and Austal has confirmed contracts as well as orders for more ships, signed last year.
The pace of new ship acquisition will slow down however, the company says, during the Future Years Defence Program (FYDP).
Austal reported a net profit of $22 million in the 2011 financial year.
News: Austal says Navy orders still strong
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