SNC-Lavalin reports profit fell in the second quarter as revenue rose

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The offices of SNC-Lavalin are seen in Montreal on March 26, 2012. THE CANADIAN PRESS/Ryan Remiorz

MONTREAL – SNC-Lavalin Group Inc. reported its second-quarter profit fell compared with a year ago as revenue grew.

The company says its profit from continuing operations attributable to shareholders totalled $1.6 million or one cent per diluted share for the quarter ended June 30. The drop is mainly due to charges relating to the Jacques Cartier Bridge.

The result compared with a profit of $29.2 million or 17 cents per diluted share in the same quarter last year.

Revenue for the quarter totalled $1.87 billion, up from $1.80 billion in the same time period last year.

Professional services and project management revenue rose to $1.86 billion compared with $1.78 billion last year, while revenue from its capital business fell to $13.9 million compared with $19.8 million a year earlier.

SNC CEO Ian Edwards says the company remained resilient in the face of current inflationary environment.

This report by The Canadian Press was first published Aug. 4, 2022.

Companies in this story: (TSX:SNC)

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