ASL Marine's 4Q net profit jumps 83% to $15.2m

Shipbuilder ASL Marine posted an 83 per cent hike in its fourth-quarter net profit to $15.2 million on the back of strong revenue growth.

Revenue jumped by 28 per cent to $149.5 million in the three months to June 30, as its shipbuilding business helped to boost its earnings.

The company said shipbuilding revenue rose by 76 per cent to $98.9 million on the back of more offshore support vessels being constructed.

The solid quarterly performance helped ASL Marine to a 40 per cent increase in full-year net profit to $45.3 million.

Compared to the previous year, revenue for the full year was up by 19 per cent to $465.4 million.

The company has recommended a dividend of 2 cents per share.

Shares of ASL Marine ended Wednesday at 65 cents, up by a cent. The company announced its results after markets closed.