Ambrian's turnover fell to $1.05bn in the year to the end of December - down from $1.90bn in 2015.
But the group made a gross profit of $1.22m compared with a loss of $4.01n last time and losses before interest, tax, depreciation and amortisation were reduced to $6.04m from $ 8.75m.
The loss before tax - including an impairment charge on the cement operations of $21.29m (2015: $nil) - rose to $31.14m from $9.36m.
Non-executive chairman Martin Abbott said: "The metals business is being run down following the company's announcement in October 2016 to withdraw from the business.
"We appreciate the support of all stakeholders over this period in order to execute the contracts in an orderly way.
"We expect the business to be closed by mid-year 2017 when the working capital in the business will be converted to cash.
"We are pleased with the technical performance of the cement plant in 2016, despite the full benefits of this performance having yet to materialise.
"The challenging conditions in Mozambique, particularly as regards to adverse exchange rate movements, punitive interest rates and sharp public spending cuts in infrastructure, have deeply affected the construction sector.
"However, we continue to believe in the long-term growth potential of Mozambique.
"With an improving commodity outlook, Mozambique's largest export sectors are now picking up.
"The challenge remains to ensure that future wealth from these sectors is deployed efficiently in other economic sectors and infrastructure projects without corrupt practices undermining the country's efforts.
"We expect improving the country's transport network and access to power will become significant drivers of the construction sector and hence spur demand for cement and concrete based products."