August 20, 2009
"Austal full year result hit by Superferry bankruptcy"
Austal Limited has announced a "disappointing" full year result--impacted among other things by the Hawaii Superferry bankruptcy.
In an Australian Stock Exchange announcement, the shipbuilder announced a full year profit after tax of Australian $9.2 million for the financial year ended June 30, 2009. Austal said its 2009 full year result "was adversely affected by two particular events. Firstly as announced earlier this year, an American customer went into bankruptcy, requiring Austal to write-off its receivable owing by this customer. Secondly, in accordance with International Financial Reporting Standards, the time value cost of a hedging instrument that was put in place to lock in a favorable movement in foreign exchange was recognized in the current financial year. This was associated with a multi-ship contract Austal was awarded and the benefit will be realized in future years."
Austal Managing Director Bob Browning commented: "Although this result is disappointing, if it were not for these two events, Austal's earnings this year would have exceeded $38 million. This, in combination with the robust growth in our order book, is a clear indication that Austal is well positioned to deliver stronger shareholder value in the future."...