MONTREAL (Reuters) - SNC-Lavalin Group Inc. posted a higher second quarter profit, thanks in part to Ontario's Highway 407 pay expressway, which took a lesser toll on results.
Canada's largest engineering firms net earnings reached C$10.7 million ($7 million), or 23 Canadian cents a share, in the quarter ended June 30, up from C$7.7 million, or 17 Canadian cents a share, in the year-earlier period.
SNC's 27 percent share of Highway 407's loss was tempered by an 18 percent increase in revenues from the toll highway north of Toronto, resulting in an accounting loss of C$6.3 million, compared with C$7.8 million in the year-earlier period.
Excluding Highway 407's results, SNC said it earned C$17.0 million, or 36 Canadian cents a share, up from C$15.5 million, or 33 Canadian cents per share.
Revenues climbed to C$532.0 million from C$434.6 million in the same quarter last year. The 22 percent hike was the result of higher activity in the infrastructure, power, and chemicals and petroleum sectors, as well as acquisition-related growth in its facility management operations.
Two analysts polled by tracking firm Thomson Financial/First Call had expected an average profit of 22 Canadian cents a share in the latest quarter.
SNC's backlog stood at C$3.8 billion at the end of the quarter, up from C$3.7 billion a year ago. |
