Austal Limited
(ASX:ASB) has more than tripled its full year net profit to $35.7 million, up from $11 million in 2012.
The strong result was on the back of record revenue of $902.8 million, a 38 per cent increase on year.
The company says its key focus throughout fiscal 2013 was to drive operational improvements and efficiencies, to improve the company’s margins.
CEO Andrew Bellamy says Austal is targeting revenue of $1 billion in the current financial year, and also hopes to improve margins in the US and Australia.
Mr Bellamy says the company is also looking to pursue opportunities such as winning new defence vessel construction and service contracts.
