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Austal Sinks


proud_ionian

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source: Tradewinds

Austal's profits plunged in 2009 as write-downs from the vessels ordered by bankrupt Hawaii Superferry took a pummelled the bottom line.

The Australian shipbuilder also reported a 19.1% drop in full-year revenues, but its managing director says its orderbook is growing.

The company reported AUD 9.17m ($7.72m) in after-tax operating profits for the fiscal year, which ended 30 June. For the prior fiscal year, the Australia Stock Exchange-listed company posted AUD 52.3m.

A large chunk of the profit fall came from a AUD 29.9m write-off of what it is owed for building two fast-ferries for Honolulu-based Hawaii Superferry, which filed for Chapter 11 bankruptcy in June. Austal USA in Mobile, Alabama, built the ferries.

Austal also logged a AUD $14.8m write-off connected to deferred premium options it secured to lock in savings from foreign exchange fluctuations for a multi-vessel program it did not specify.

"Although this result is disappointing, if it were not for these two events, Austal's earnings this year would have exceeded [AUD] 38 million," managing director Bob Browning said. "This, in combination with the robust growth in our orderbook, is a clear indication that Austal is well-positioned to deliver stronger shareholder value in the future."

Austal's revenues fell from AUD 606m in its 2008 fiscal year to AUD 490m in the 2009 fiscal year.

Browning says the company has "reason for both excitement and optimism" thanks to the return of the commercial ferry market, demand for fast-patrol vessels and Austal's exposure to US military programs.

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