Ship building and maintenance company Austal has more than tripled its annual profit due partly to its growing work with the United States Navy.

Austal made a net profit of $35.9 million in the 2012/13 financial year, more than triple the previous year’s $11 million.

It achieved record revenue in the year of $903 million due to growth in its construction of vessels for the US Navy.

Austal is targeting revenue of $1 billion in the 2013/14 financial year, chief executive Andrew Bellamy said.

Its shares rose by four cents to 84 cents.

The company is also building patrol boats for Australian Customs, and owns a shipyard in the Philippines.