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Australia & S. Pacific | Corporate Financials | Issues - Political | Other Corporation

Australia’s ASC Records $16.2M Profit

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Staying above water… According to its 2005 Annual Report, ASC Pty Ltd, formerly Australian Submarine Corporation, has recorded an annual profit of $16.2 million on total revenue of $229.3 million. As earlier DID coverage has noted, ASC was selected as the preferred shipbuilder for the SEA 4000 Air Warfare Destroyer program. ASC is also the key maintenance provider for Australia’s new Collins Class submarines after completing the contract to build and launch them in cooperation with Kockums AB. This profit compares to $16.1 million in FY 2003/04, on total revenues of $255.9 million. Meanwhile, total assets rose by about $50 million in FY 2004/05, to $293.9 million. As our many Australian readers are aware, however, there’s more to this story. ASC Chairman John Prescott said that 2004/05 marks ASC’s fundamental transition from a single project business to a sustainable, multi-project company, and that ASC’s appointment as the Air Warfare Destroyer shipbuilder was the culmination of a strategy developed and implemented over many years. The firm now has a team of over 250 naval engineers and technicians, and its Chairman claims that this is “the single largest repository of naval engineering skills in Australia.” The other key piece of information is […]

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