One of Northern Ireland's largest construction firms, McLaughlin and Harvey, made a pre-tax loss of £3.6m in 2014.
The company said the loss was related to "contracts procured during the depths of the economic downturn."
Turnover was up by 24% from £158m to £196m, with a further increase projected in 2015.
The directors said they are "encouraged" by the current order book.
They added that they are predicting "strong growth" in the medium term.
McLaughlin and Harvey remained profitable throughout the worst of the construction downturn.
The 2014 results appear to reflect contracts agreed at that time which have ultimately been unprofitable.
The firm said that while market conditions remain "highly competitive", it is investing in the business and growing its skills base.
Employment at the firm rose from 382 to 427 over the year.
The firm's current contracts include the first phase of the new Ulster University campus in Belfast city centre.
However, like all of Northern Ireland's largest building firms, it now does the majority of its work elsewhere.
It is currently building a helipad for King's College Hospital in London and has also won work on the redevelopment of Camden Lock.