After cost blowouts and delays in the Waratah Train project, Downer EDI’s financial woes with the $3.6 billion taxpayer-funded rail project may now be behind it.

The train manufacturer and engineering firm has said it had received completion approval from RailCorp for its seventh Waratah Train this week.

So far, only six out of the 78 passenger trains have gone into use, amid a two-year delay and NSW government bailout.

Downer EDI chief financial officer Kevin Fletcher on Tuesday promised shareholders there would be no more writedowns on the project.

“Rather pleasingly, it is the first time that neither (the chief executive Grant Fenn) or I have been speaking about a major project writedown nor an unacceptable result – and long may that continue,” he told analysts.

Downer EDI on Tuesday posted a $84.9 million profit in the six months to December 31, reversing a $103.8 million loss in the prior corresponding period.

This was largely due to a 79 per cent increase in revenue from its mining division.

The company also confirmed its previous full year guidance of underlying earnings of around $340 million and profit of around $180 million for 12 months to June 30.

An analyst told AAP that he was pleased with the result, after earlier market expectations that Downer EDI would lower its guidance for the full year.

The company’s comments on the Waratah Train project suggested it was making good progress, the analyst said.

“Clearly, there are still risks but, with the progress they’ve made to date, it is very positive,” he said.

“They seem very comfortable that it’s on track to come within forecast cost completion.”

Downer EDI’s shares rose 22 cents, or 5.9 per cent, to $3.94 on Tuesday.