UPDATE 2.35pm: Shipbuilder Austal has lifted its profit by 225 per cent to $35.7 million.
The result was achieved on record revenue of $902.8 million, up 38 per cent on the previous year, mainly from vessels being built for the US Navy.
Austal said it had driven sustained operational improvements and efficiencies in its business throughout the year to improve margins.
Austal chief executive Andrew Bellamy said it was a great achievement by Austal management and staff to drive operational improvements and grow margins to improve the company's financial performance.
"Our key objectives for the year were to drive operational improvements and efficiencies across our businesses and strengthen the balance sheet to support our record order book, and we took major steps in the year to deliver on those," he said.
"Outside the US we returned our Australian operations to a breakeven result as construction on the $330 million Cape Class Patrol Boat contract increased, and we reported a maiden profit at our Philippines shipyard in its first full year as we delivered on commercial and wind farm vessels."
The company said it was well placed to boost its order book of $2.6 billion.Austal shares closed up four cents, or 5 per cent, to 84 cents.