Yet, a bit under 3 percent profit isn't all that great. Beats a loss.
And understood it is locked-in to limited, government thinking of how a company should be run.
Government-owned shipbuilder ASC has turned a profit of more than $20 million after a $3.8 million loss last year.
In its annual report, the company reported improved performance across its two main business areas, servicing of Collins submarines and construction of the navy's three new air warfare destroyers.
ASC, formerly the Australian Submarine Corporation, has been slated for privatisation, although the government has given no clear indication when.
Chairman Bruce Carter said ASC turned a profit of $21.9 million on revenue of $1.029 billion.
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