Mining services firm Ausdrill will cut more jobs as tumbling commodity prices drove a $177 million half year loss.
The company hopes a weaker Australia dollar will revive the local gold sector and deliver a boost to the company's core business.
Chief financial officer Jose Martins flagged dozens of job losses in the next year, with the final number of project and administration positions to depend on the company's level of work in calendar 2015.
"Over the next 12 months we should see some further reductions but it's difficult to put a number on it at this stage," Mr Martins told AAP.
"It won't be in the hundreds."
If work was to finish at a particular site, all employees there would be made redundant unless more work had been booked, he said.
Ausdrill expects the mining sector to maintain its focus on cost savings, and defer capital works and exploration programs during 2015.
The company is therefore pinning its hopes on a lower Australian dollar boosting the US dollar gold price and spurring investment in the local gold sector.
Mr Martins said those benefits would flow through to the company later in 2015.
But he conceded a gold royalty hike in Western Australia could hurt the sector.
Ausdrill, which has operations in Australia, Africa and the UK, said the mining investment downturn led to $197 million in writedowns on its equipment which caused the massive half year loss.
Earnings were affected by the cessation of work in the iron ore sector, delays in booking work in the energy drilling sector, the deferral of mining at the Syama project in Africa and continued underperformance of its exploration and equipment hire businesses.
Around 25 to 30 per cent of Ausdrill's assets are now laying idle, meaning annual revenue is around $400 million lower than it would be if all assets were being used.
Sales revenue dropped two per cent to $414 million in the half, while operating profit rose four per cent to $20 million.
Ausdrill shares gained one cent to 40 cents.
MINING DOWNTURN DRIVES AUSDRILL LOSS
* Net loss of $177.4m, down from $14.5m profit in 2013/14
* Revenue of $414m, down 2pct from $423.4m
* Interim dividend of one cent per share, down from 2.5 cents
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