Despite continued tough conditions, the first-half result for the 2014 financial year is an improvement on H1 2013, when the company posted a net loss of $37.6 million.

Revenue from the company’s operations was $574.9 million for H1 2014.

Macmahon said it was on track with previous guidance and operations were performing well despite the tough conditions.

It added that the mining order book stood at $2.8 billion.

“There is no denying that current market conditions are extremely challenging, however, our commitment to business improvement over the past six months has enabled us to maintain our renewed momentum,” Macmahon CEO Ross Carroll said.

He said surface mining continued to underpin the business and the focus was on securing new work in Australia and internationally.

“Over the past six months, revenue from surface operations increased by 23% compared to the prior corresponding period, with the Christmas Creek and Tropicana projects driving much of this growth,” Carroll added.

“We are firmly focused on continuously improving our productivity on these long-term projects and are currently implementing a number of initiatives to enhance our performance onsite.

“Underground mining maintained momentum with operations expanding at the Olympic Dam and Ranger 3 Deeps projects.

“This reflects the quality of work being delivered and highlights the close relationship we have with our clients.”

Internationally the company said results were mixed, with operations in Malaysia and Indonesia performing well but production at both its Nigerian operations was impacted by lower demand.

“Looking ahead, we expect tough market conditions to persist for some time,” Carroll said.

“However, with domestic mining production forecast to increase over the next three years, combined with continued strong economic growth in Asia and Africa, we are confident that we can secure future work and generate improved returns for shareholders.”