Australian shipbuilder and global Defence prime contractor, Austal Limited (ASX: ASB) has delivered a 50-metre high-speed catamaran to Brave Line under the Company’s first commercial contract award to a Taiwan enterprise.
The catamaran that the company delivered is first of two 550 passenger Austal-designed vessels which include an optimised hull form for improved fuel efficiency and passenger comfort. These vessels are being constructed at the Company’s Philippines shipyard in Balamban, Cebu. The contract was awarded to Austal by Taiwan’s Brave Line in September 2017. The vessels include an optimised hull form for improved fuel efficiency and passenger comfort.
By delivering these vessels, the company has achieved a significant milestone, as it establishes Austal Philippines as a trusted and successful shipyard that produces high-quality vessels for the worldwide market.
The shipyard was established in 2012, and recently the company expanded the construction capacity of the shipyard to build the largest ferries in Austal’s portfolio.
Austal Chief Executive Officer David Singleton said: “the Austal Philippines team was continuing to demonstrate their capabilities of successfully combining Austal’s industry-leading intellectual property and maritime technology expertise with high quality and efficient local production to provide customer-focused solutions.”
In 2018, the company undertook various upgrades at the Philippines shipyard which includes the construction of a brand-new assembly hall measuring 120 metres long, 40 metres wide and 42 metres high. Due to these updates, Austal Philippines now has the capacity to build large ferries including the next generation, technologically advanced 109-metre-high speed Catamaran for Fjord Line of Norway, which is currently under construction. Once the construction of this vessel is done, the vessel will be capable of carrying up to 1,000 tonnes and transporting over 1,000 passengers and 425 cars at speeds over 40 knots.
The company recently releases its half-year results for FY 2019 in which it reported revenue of $851.504 million and Profit Before Tax (PBT) of $36.304 million.
From its USA segment, the company reported revenue of $686.823 million and EBIT of $49.137 million. The revenues and earnings were higher than the previous corresponding period, driven by increased throughput on the Expeditionary Fast Transport (EPF) and Littoral Combat Ship (LCS) programs.
Now, let’s have a glance at the company’s stock performance and the return it has posted over the past few months. The stock is trading at a price of $2.340, with a market capitalisation of ~$823.67 Million as on 14 March 2019. The counter opened the day at $2.340 and reached the day’s low of $2.290 with a daily volume of ~ 426,829. The stock has provided a year till date return of 22.51% & also posted returns of 23.16%, 26.49% & 4.46% over the past six months, three & one-months period respectively. It had a 52-week high price of $2.430 and touched 52 weeks low of $1.550, with an average volume of ~ 841,356.
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