News: Austal up over 300% on FY profit

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Austal Ltd (ASX:ASB) says it has delivered a significant increase in full year net profit to $37 million for the twelve months to 30 June, up over 300 per cent on the year before.

The shipbuilding company says the positive result was driven by increases in revenue from its US operations, which offset lower revenue from Australia.

Revenue increased 4.2 per cent to $521 million for the period.

Managing Director Bob Browning says productivity has increased 40 per cent in the year, adding that the company remains well positioned for strong results with a current backlog of $923 million of work and predictable revenue from US operations of US$320 million per annum until 2015.

Austal has declared a six cent per share fully franked final dividend.

Austal reported a profit of $9.17 million for the year to 30 June 2009.