Macmahon Holdings Limited
(ASX:MAH) has swung to a loss of $112.5 million in the first half from a profit of $19.4 million the year before.
The mining contractor says that excluding one-off significant items its underlying net profit after tax came in at $11.3 million.
Executive Chairman Jim Walker says the company is looking at every opportunity to improve its productivity and reduce costs.
Mr Walker has advised the group is in the process of streamlining its business in line with the changing conditions to ensure it is operating as efficiently as possible.
The financial results come in the same week Macmahon Holdings shares plunged after losing a contract with iron ore miner Fortescue Metals Group Limited
(ASX:FMG).
