Southern Cross Electrical Engineering has blamed a tough resources market for a 55 per cent fall in profit to $7.8 million.
Revenue was down 21 per cent to $218 million.
"With the reduction in the volume of available work, particularly on large-scale capital projects, tendering has become increasingly competitive with clients placing greater emphasis on the commercial aspects of the process," managing director Simon High said.
"We are also seeing a notable increase in the time taken to bid, re-bid and then negotiate terms and conditions, which in turn has resulted in delays in contracts being awarded," Mr High said.
He said it was disappointing SCEE had not secured a greater share of the first wave of construction awards at six liquefied natural gas projects.
"We remain hopeful of securing further works as the projects progress."
SCEE's share price was unchanged at 63.5 cents at 11.24am.