They're still hamstrung by noncompetitive EBAs struck in 2012...

They're still hamstrung by noncompetitive EBAs struck in 2012 (at the peak of the mining boom when demand for crane operator labor was red hot), so it's hard for them to control their employee expenses (which are still ~48% of revenue as of 1HFY15), and this is really the key controllable problem facing the business (market conditions aren't within Boom's control). These agreements are typically 3 years in duration so they are rolling this year - you can see them here and even read each of them via the FWC website if you had the time:

http://www.fwc.gov.au/documents/agreements/download/agreements2012.pdf

I see it as a good thing that these EBAs are expiring now in a weak market where employee bargaining power is diminished vis-a-vis employers - it strengthens Boom's negotiating power to get employee costs down.

1HFY16 will be the first period where we can get some idea of how successful Boom has been in lowering its employee cost base via the renegotiation of its key EBAs. You'd have to think that they should be able to get employee expenses as a % of revenue well down as compared to its current elevated 48%, and this will in turn lead to the business again becoming profitable (even in the current conditions).