UPDATE 3.10pm: Shares in Macmahon slumped after the mining contractor posted a worse than expected full-year net loss of $29.5 million and warned its outlook remained "highly uncertain".
The contractor had forecast a bottom line loss of $10-$20 million.
The bottom-line result included $73.1 million loss on its discontinued construction business, which it sold off to Leighton Holdings in the period.
Macmahon conceded the result was outside its guidance and blamed the take-up of non-cash provisions for disputed claims, doubtful debts and asset impairments.
"The recognition of these provisions reflects the current economic uncertainty affecting the sector," it said.
Macmahon chief executive Ross Carroll said the year had seen the company undergo significant change to ensure a return to profit in the 2014 financial year.
"The completion of the sale of construction projects to Leighton Holdings ensures we are now wholly focused on our mining operations and building on the good results we have achieved over many years," Mr Carroll said.
On the positive side of the ledger, Macmahon said its mining business had booked record annual revenue of $1.2 billion with profit after tax from continuing operations of $43.6 million after accounting for non-cash provisions for disputed claims, doubtful debts and asset impairments.
Macmahon said it had an order book of $3.2 billion.
The company gave revenue guidance of $900 million-$1.2 billion for the full 2014 year but warned the estimate remained "highly uncertain" because of fewer new work opportunities, the potential for scope reductions and contract deferrals by clients and increased competition within the sector.
"Margins are also expected to be under pressure as clients seek cost reductions," the company said.Macmahon shares closed down 3.5 cents, or 20 per cent, at 14 cents.