CGI Group profit falls on Logica acquisition costs

Wed Jan 30, 2013 8:49am EST
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Jan 30 (Reuters) - Canadian IT services company CGI Group Inc's quarterly profit fell 79 percent due to costs related to the acquisition and integration of larger rival Logica Plc.

Montreal-based CGI, which bought Logica for $2.64 billion in August, said its profit fell to C$22.4 million, or 7 Canadian cents per share, from C$106.5 million, or 40 Canadian cents per share, a year earlier.

Excluding integration-related costs, the company earned 44 Canadian cents per share.

Revenue more than doubled to C$2.53 billion.

CGI, which provides technology outsourcing and consulting services, booked C$2.85 billion in new contracts, extensions and renewals, up from C$1.4 billion a year earlier.