The company blamed the sluggish industry for the loss but also noted an impairment charge of $47.5 million, restructuring and recapitalisation costs of $3 million and provisions on legacy contracts of $13.1 million.

AJ Lucas chairman and chief executive officer Allan Campbell said the last year was a challenging one underscored by a significant slowdown in the resources industry.

During the year the company sold down its interests in Cuadrilla Resources, its subsidiary working in the Bowland shale gas licence.

Lucas’ bottom line was hit by the “challenging” coal sector, with the company restructuring to reflect market conditions.

The company will also refocus its engineering and contracting division to focus on its core strength as a specialist engineering contracting business in the energy sector.

Day to day operations are now managed out of the company’s office in Brisbane.

The company has reported more than $66 million worth of work for FY14.