HEB Construction sank into the red last year after it wrote down the value of a major project by almost $31 million.

The Drury-based company reported a loss of $23.5m in the 12 months ended August 31, compared to a profit of $8.2m a year earlier, financial statements lodged with the Companies Office show. That included a $30.8m provision for losses on completion of an onerous contract. While the company declined to…