Business
Top US Austal executive jumps ship after audit flags governance issues – Sydney Morning Herald
Shares in local shipbuilder Austal tanked following the resignation of its US president in the wake of an external investigation that uncovered problems with budgeting…
The company made a series of bearish announcements to the ASX in the weeks that followed before downgrading its guidance to a loss of between $116 and $121 million on July 4, 2016.
Austal said in a statement on Tuesday that the combat ships cost more to construct than originally anticipated largely because of problems detected after completing the mandatory shock tests.
Austal said the external investigation it commissioned concluded the company had appropriately adjusted its revenue and profit…
-
General17 hours agoKeith Russell Yandle jailed for 32 years over shooting murder of Steven Murphy
-
General9 hours agoFederal government commits $430 million to prop up Newcastle hydrogen hub
-
Noosa News19 hours agoWinter holiday boaties urged to take the helm on lifejackets and speeding
-
Noosa News14 hours agoSix kids charged after shopping centre brawl in Helensvale, Gold Coast