ASC records $16 million profit

ASC Managing Director Greg Tunny said there are terrific opportunities in the future to build upon the company’s performance with the recent selection of ASC as the preferred shipbuilder for the Air Warfare Destroyer project.

Mr Tunny said the company had also completed a year of significant submarine milestones and achievements, including the completion of its first Collins Class refurbishment.

“While revenue for the year only marginally increased, a $16.2 million profit on revenue of $229 million is a good result for the company.  We will continue our commitment to providing outstanding services and value for money to Defence,” he said.

Mr Tunny said that ASC had embarked on an ambitious program of increasing its high-end skills set to meet the growing demands of the submarine community.

“ASC now has a team of over 250 naval engineers and technicians – by far the single largest repository of naval engineering skills in Australia,” he said.

“It is because of its high-end skills that ASC has been recognised as the only Australian shipbuilder to achieve warship design authority status.  That achievement positions ASC to make a valuable contribution, within the Alliance, to AWD design work in the years to come.”

ASC Chairman John Prescott said 2004/05 marks ASC’s fundamental transition from a single project business to a sustainable, multi-project company.

He said ASC’s appointment as the AWD shipbuilder was not simply a matter of winning a competitive bid.  It was the culmination of a strategy developed and implemented over many years.

An electronic version of the annual report is available here.

For more information:
Jayne Correll, Communications Manager
ASC Pty Ltd
Telephone: 08 8348 7000
Mobile: 0423 029 307
Email: Jayne.Correll@asc.com.au