Austal Limited has reported a 1.8% drop in net profit to $79.6 million.
The WA-based shipbuilder said enhanced shipbuilding efficiencies in the USA substantially offset a 9.1% decline in revenue as the Littorial Combat Ships programme gradually winds down. COVID-19 induced impacts also affected the revenue result, albeit to a lesser extent.
"Our operational excellence and resilience during FY2022 has delivered robust earnings and profit results, as we successfully commenced the transition to a new phase of long-term growth", said chief executive Paddy Gregg.
Shares in Austal dropped 2.63% following the announcement.