Austal takes hit on earnings

A $23 million write-down on loans to bankrupt client Hawaii Superferry Inc. took a bite out of annual earnings for Australian shipbuilder Austal Ltd. Austal earned $7.65 million in the year that ended June 30, down 82 percent from the previous year. Austal runs a shipyard in Mobile, Ala., that’s expected to play a big role in future growth through military contracts. (Source: Mobile Press-Register, 08/22/09)