Engineering, construction and maintenance firm Monadelphous reported a 20% revenue slide to $1.86 billion and net profit after tax $105.8 million, down 23.6% on an underlying basis while MMA reported a net loss after tax of $51.3 million after a $120.7 million non-cash impairment charge.

Monadelphous won new contracts and contract extensions of $450 million last year, with an additional $430 million awarded this financial year already.

The company retains a strong balance sheet with net cash position of $186.6 million and says it was able to improve its overall safety performance.

The group said its drive to improve efficiency and productivity largely offset the downward pressure on margins arising from customer cost reduction programs in an increasingly competitive environment.

It has been able to save $56 million per annum in costs.

Monadelphous managing director Rob Velletri said the company continued to broaden its services in its core markets, further expand into the infrastructure sector and extend services to overseas locations.

The engineering construction division saw its revenue plunge 25.5% to $1.245 billion, while the maintenance and industrial services division, saw a 6.4% drop in revenue to $621 million.

Velletri also said the company was open to new investments.

MMA reported that its revenue actually improved 34% last year with earnings before tax up 8.3% to $86.9 million and NPAT up 2.7% to $55.3 million before taking the impairment into account.

Much of the writedown - $100 million - is associated with its marine vessel fleet.

The company has cash of $124.5 million, but plans to increase that by asset sales are facing headwinds because of the same difficult market.

MMA said the last six months have been severely impacted by the collapse in the oil price, compounded by completion of major construction activity in Australia, so it is focusing on efficiencies to prepare for the next upswing, which it believes won't happen before mid-2016.

It says it is on track to reduce annual costs by $15 million.

Its Gorgon LNG work will be largely completed this year, but its tug and barge work for Wheatstone is expected to commence soon, and it continues to bid on work at the Ichthys and Prelude FLNG and it is also bidding on significant vessel support contracts for three separate clients totalling 20 years.

Monadelphous has declared a final fully franked dividend of 46 cents per share for the second half of the fiscal year, taking its full-year dividend to 92cps.

MMA has announced a new dividend of 1.5cps, bringing full year dividends to 5.5cps.