Austal is tipping defence markets to strengthen as they continue to be shielded from the economic impacts of COVID-19. The navy shipbuilder reported record revenue and earnings on Monday as it looks to add steel-hulled warship capability to its aluminium operations at Alabama with the help of $US50 million ($69.77 million) in funding from the US Department of Defence (DoD).
Austal's net profit after tax rose 45 per cent to $89 million from the year-earlier $61.4 million.
Revenue climbed to $2.06 billion, bettering last year's record of $1.85 billion, while earnings before interest and tax jumped 41 per cent to $130.4 million.
Chief operating officer and CEO-designate Patrick Gregg said the results highlighted the success of the company's defence business, which now makes up about 88 per cent of revenue across construction and support....MORE
