ASC records $18.5 million profit

ASC Pty Ltd has reported a record annual profit of $18.5 million, the company’s annual report reveals.

ASC Managing Director Greg Tunny said the delivery of outstanding outcomes on the Collins Class submarine maintenance contract resulted in the 2005/06 performance of record financial results.

Mr Tunny said meeting schedule requirements and operating within a more effective and cost efficient framework has resulted in excellent outcomes for ASC’s customer and, consequently, impressive financial results for ASC.

“Profit for the year increased 14 percent to $18.5 million, resulting in shareholders’ equity of $114.2 million (up 6 percent); a great result for the company,” he said.

Mr Tunny said that the Air Warfare Destroyer (AWD) Program represented ASC’s primary new focus during 2005/06, with some 100 staff now at the AWD Systems Centre in Felixstow, Adelaide, to support the Evolved and Existing AWD design options.

“Over the coming year, we look forward to further mobilisation and collaboration with our AWD Alliance partners as we continue to contribute to AWD Phase 2 design studies and prepare for construction in Phase 3 of the Program.”

ASC Chairman John Prescott said 2005/06 marked an important step in the sale of ASC, with the company supporting the Government-commissioned Privatisation Scoping Study into ASC.

He said the Board will continue to aid in the achievement of the Government’s objectives for the sale of ASC and welcomes the Commonwealth’s desire to return the company to private ownership.

A PDF copy of the 2006 Annual Report is available here.

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