Premier Campbell Newman has confirmed there will be job cuts at Q-Build.
More than 200 public servants, including a number of Gold Coasters, will be let go.
Mr Newman said he was sorry about the cuts in parliament today.
"As of 31st of March QBuild engaged 382 temporary and casual full-time equivalent employees ... and by the end of July 2012, QBuild will expect to reduce its temporary FTE's to 78," he said.
The construction and building maintenance business was earmarked for privatisation in Peter Costello’s interim audit of the state's finances.