Icon, the builder best known for Sydney’s ill-fated Opal Tower residential project, swung to a net loss of $17 million in the year to December from a profit of $9.4 million as project delays, soaring costs and the impact of subcontractor failures more than offset an increase in revenue.

The builder said it also received a $30 million cash injection from its Japanese parent Kajima Corporation last year. Its current projects include the $135 million Kingston Centre residential aged care facility in southeastern Melbourne, Gold Coast’s $154 million health sciences innovation centre of excellence and a $45 million birthing centre in Honiara, Solomon Islands.