Austal halts trading in Australia

Shipbuilding company Austal Limited said Thursday it has halted trading on the Australian Securities Exchange, pending a review of its U.S. business, which manufactures the Littoral Combat Ship and the Expeditionary Fast Transport.

In its request to suspend trading, the company secretary wrote that the halt will "enable Austal to complete a review of its U.S. performance and following completion of that review, make an announcement updating guidance on the company’s performance for 2016."

Austal said it will hold an investor teleconference at 9 a.m. Monday to update the market.

A week ago, Austal Limited announced it had delivered the future Montgomery -- the fourth Independence-variant LCS -- to the Navy at the U.S. business' shipyard in Mobile, AL.