The loss represented a steepening of the $63.6 million deficit recorded last year, with the mining downturn brining significant impairments for the contractor.

Revenue was down 16.5% to $636.8 million and operating cashflow tumbled 23.5% to $39.3 million.

Group earnings before interest, tax, depreciation and amortisation before significant items came in at $61.7 million.

The figure was impacted by the impairment of a significant debtor to the heavy haulage and lifting division.

Taking stock of the past 12 months, CEO Mark Rowsthorn said a number of improvements were registered in the first half.

“In sharp contrast, the dramatic slide in commodity prices during the second half weighed heavily on the operations of our key customer Atlas Iron, and led to a significant reduction in the Australian pipeline for mine development and maintenance,” he said.

“The bulk haulage, heavy haulage and lifting and specialised transport divisions were heavy impacted as a result.”

McAleese said it had revised its banking agreements amidst the tough conditions, with the divestment of non-core assets helping stabilise the balance sheet.

Net debt reduced by $58.2 million to $170.5 million over the year.

Moving forward, the company said it was focused on a “customer and commodity diversification strategy” following the collapse in the iron ore price.

Advisory firm Moelis & Company has also been appointed to assist with exploring strategic options including sourcing new capital.