Austal?s financial loss

The release of Austal Ship?s results for the 2002-2003 financial year revealed the tough times endured by the builder during the past year with the company posting a net loss of A$18.7 million.

Austal management has vowed the company, which has A$320 million in orders for 2004 and 2005, will return to profitability this year.

Poor results for the 2002-2003 financial year have been attributed to the budget blow out for Greg Norman?s luxury yacht, set up costs for the United States shipyard, a A$3.7 million loan provision for a company executive share scheme and a 10.4 per cent revenue slide on the previous year to A$307.8 million.

Austal?s financial performance has also been affected by a patent dispute relating to the superstructure on an Austal ferry with a European ferry operator.

Austal managing director Bob McKinnon said he could not elaborate on this dispute, however the company expected to negotiate a settlement that had been provided for in the 2002 ?2003 accounts.