Engineering group Monadelphous has suffered a slide in full year profits and revenues but says it has signed new project contracts worth $380 million.

The company’s net profit fell to $105.8 million in the year to June 30, from $146.5 million in the previous corresponding period while revenue dropped to $1.869 billion, from $2.3 billion.

Monadelphous said it had signed contracts worth $380 million since the end of the 2014/15 year.

While Monadelphous expects market conditions in Australia to remain soft amid historically low commodity prices, it is upbeat about about prospects for maintenance and industrial services in the oil and gas sector thanks to major new projects.