Civil engineering firm Hazama Corp. on Monday reported group net losses of 1.83 billion yen for the first half to Sept. 30.

This figure, which translates into net losses of 4.25 yen per share, was attributed primarily to an appraisal loss of 2.89 billion yen on stockholdings.

It marks a reversal from the 886 million yen in profits logged by the firm a year earlier.

Group pretax profits rose 41.8 percent to 3.77 billion yen, reflecting reduced nonoperating expenses such as interest payments amid record-low interest rates.

Group sales fell 9.2 percent to 183.81 billion yen due to sluggish domestic construction work amid subdued public works spending.

The firm said it will continue to skip interim dividend payments.

For the full business year through March, Hazama expects to generate group net profits of 800 million yen and group pretax profits of 10.7 billion yen on sales of 426 billion yen.

During the previous year, the company registered group net profits of 2.31 billion yen and group pretax profits of 10.47 billion yen on sales of 457.43 billion yen.