BRIEF-Canam says Q2 to be affected by a reserve for a significant project

Thu Jul 14, 2016 7:53am EDT
 
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July 14 (Reuters) - Canam Group Inc :

* Canam group announces second quarter results will be affected by a reserve for a significant project

* Recording of an after-tax reserve of $32 mln in Q2 of 2016

* Says corporation believes this is a one-time event

* After-tax impact of additional costs not yet approved by client

* Corporation's immediate objective is to complete work on schedule and safely

* Canam Group Inc says corporation it will also collaborate with client to resolve these cost issues Source text for Eikon: Further company coverage: (Bengaluru Newsroom: +1-646-223-8780)