The result comes on the back of impairments totalling $157.3 million, which reflect a write-off on goodwill and a reduction in asset market values.

A loss on the Roy Hill rail (RHR) project also weighed heavily on the balance sheet, and a legal dispute with Samsung C&T is ongoing.

NRW said it had negotiated revised debt covenants on the back of the dispute.

“Whilst we have yet to achieve a resolution on the dispute, our objective on the RHR project is to achieve a fair commercial outcome through ongoing discussions with Samsung senior management, the Supreme Court action and the contractual dispute resolution process,” CEO Jules Pemberton said.

“The business has managed through the cashflow impact of Samsung’s decision to restrict payments to NRW on the RHR contract since April, has continued to make all debt repayments when due and is in compliance with its banking covenants.”

Revenue for the financial year dropped from $1.1 billion to $775.9 million, while operating cashflow came in at negative $47.2 million.

Despite signing off on a tough set of numbers, Pemberton said there were still positives for NRW moving into the new financial year.

“During what has clearly been a challenging year, the recent contract award for Rio Tinto at Nammuldi and the three year $330 million Middlemount contract extension announced in February, provide a level of confidence that the business can return to profitability in FY2016,” he said.

The company’s order book currently stands at $663 million, with debt cut $47.3 million to $142.2 million.

The year-end cash balance stood at $34.6 million.

Looking ahead, NRW said it was focused on lowering costs and driving new productivity initiatives.

The headcount was slashed by 2246 people over the past 12 months, with overheads cut by more than 35%.