Builder Watpac has made another annual loss as it overhauls its business to address the dwindling mining boom, but expects improvement in the current financial year.

Watpac made a loss of $4.7 million in the 2012/13 financial year, a marked improvement on the previous year’s $50.2 million loss.

The latest result was weighed down by the impact of the closure of Watpac’s civil engineering operations on the east coast, plus impairments on some of its properties.

Underlying profit, which excludes those items, was $17.2 million in 2012/13, up from $8 million in the previous year.

Chairman Chris Freeman said the company’s restructure in recent years would begin to deliver results in the long term, and forecast growth in Watpac’s underlying profit in 2013/14.

Watpac shares were up 3.5 cents, or 6.3 per cent, at 59.5 cents at 1441 AEST.