Austal Limited
(ASX:ASB) has announced a net loss of $84.2 million after a one off downwards adjustment to its Littoral Combat Ship program following a design change.
The shipbuilder says the $4 billion program will be profitable across its remaining life because they now have a clearer understanding of the design required and the margins the remaining vessels will generate.
The company says it is generating good cash flow and it expects its $3.4 billion order book to see it through to the 2021 calendar year.
Austal declared a final dividend of 2 cents per share fully-franked.
