(Reuters) - Canadian construction and engineering company SNC Lavalin Group Inc
SNC's net income attributable to shareholders fell to C$114.9 million ($115.21 million), or 76 Canadian cents per share. Analysts were expecting earnings of 64 Canadian cents per share, according to Thomson Reuters I/B/E/S.
The company's shares rose 3.5 percent in morning trading on the Toronto Stock Exchange.
SNC earned C$124.5 million, or 86 Canadian cents per share, in the year-earlier quarter.
Revenue at the 101-year-old company rose 11 percent to C$2.0 billion.
SNC, one of the world's biggest engineering groups, maintained its forecast for full-year earnings of C$325 million to C$340 million.
The company's revenue backlog fell to C$9.9 billion at the end of September from $10.1 billion at the end of December 2011.
SNC has strong long-term growth potential despite the chilling effect of a misconduct scandal, new CEO Robert Card said on October 1, his first day on the job.
Card replaces Pierre Duhaime, who resigned as CEO in March after an internal investigation found that he had authorized $56 million in mystery payments to agents on construction projects that did not exist. Canadian police are investigating.
They are also probing bribery allegations against SNC executives involving a $1.2 billion bridge project in Bangladesh. The World Bank has suspended its loan for the development and temporarily banned an SNC subsidiary from bidding on its contracts in the country.
Shares of Montreal-based SNC, which have lost 6 percent of their value over the last six months, closed at C$40.28 on Thursday on the Toronto Stock Exchange.
($1 = 0.9974 Canadian dollars) (Reporting By Nicole Mordant in Vancouver; Editing by Sreejiraj Eluvangal)
Source: http://news.yahoo.com/snc-lavalin-profit-falls-8-percent-130313280--sector.html
fantasy baseball jared sullinger jaleel white levi johnston 2013 srt viper scott walker recall fisker atlantic
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.