August 13, 2012 / 10:38 PM / in 5 years

Aecon profit more than doubles on lower costs

(Reuters) - Canadian construction company Aecon Group Inc’s (ARE.TO) quarterly profit more than doubled as costs fell.

Net income rose to C$5.4 million, or 9 Canadian cents per share, in the second quarter, from C$2.3 million, or 1 Canadian cent per share a year earlier.

Revenue fell 13 percent to C$661.7 million.

Direct costs and expenses fell 15 percent to C$599.3 million.

Aecon’s shares, which have risen 24 percent so far in 2012, closed at C$12.88 on Monday on the Toronto Stock Exchange.

Reporting by Ankur Banerjee in Bangalore; Editing by Supriya Kurane

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