Ship builder Austal expects to meet its full year revenue target after reporting a 76 per cent increase in first half profit.
The maker of vessels for Australian Customs and Border Protection and the US Navy lifted net profit to $9.5 million in the six months to December 31, from $5.4 million in the previous corresponding period.
Revenue increased by 30 per cent to $507 million, due to increased production activity on vessels for the US Navy, and the Cape Class Patrol Boat program for Australian Customs, Austal said.
"We expect to meet our forecast of $1 billion revenue for Austal this year, having reached 50 per cent in the first half," chief executive Andrew Bellamy said.
He added that the company is looking to win contracts in Asia and the Middle East.
Austal shares were down one cent at 87 cents at 1248 AEDT.
