(Montreal) The SNC-Lavalin Group posted a second-quarter profit on Thursday, down from the same period last year, despite growth in its revenues.
Posted at 10:15 a.m.
Earnings from continuing operations attributable to shareholders totaled $1.6 million, or 1 cent per share, for the quarter ended June 30. The decrease was mainly due to the remediation agreement with the Director of Criminal and Penal Prosecutions of Quebec regarding charges related to the Jacques-Cartier Bridge.
SNC had made a comparable profit of 29.2 million, or 17 cents per share, for the same quarter last year.
Revenues totaled 1.87 billion, down from 1.80 billion in the second quarter of last year.
Revenue from professional services and project management rose to $1.86 billion from $1.78 billion last year, while revenue from capital activities fell to $13.9 million from to those of 19.8 million in the previous second quarter.
SNC Chief Executive Ian Edwards said in a statement that the company remains resilient despite the current inflationary environment.
“We achieved a record backlog in the US and for the engineering services industry in general, and we were able to add personnel to support our growth,” said Edwards.
SNC’s Board of Directors authorized the payment of a dividend of 2 cents per share on 1er September, to shareholders of record as of August 18.