Company News

CORRECTED-Canada's SNC-Lavalin cuts profit forecast on mining, Saudi challenges

(Corrects paragraph 2 to say that the profit figures are in Canadian dollars)

Jan 28 (Reuters) - Canada’s SNC-Lavalin Group Inc cut its forecast for full-year 2018 profit on Monday, citing a problem with a project in its mining and metallurgy unit, as well as ongoing trading challenges in the Middle East and Saudi Arabia.

The company now expects full-year adjusted profit to be between C$2.15 and C$2.20 per share, down from its previous forecast of C$3.60 to C$3.85 per share.

Over 15 percent of the company’s global workforce is employed in Saudi Arabia, SNC-Lavalin said in a statement. (Reporting by Debroop Roy in Bengaluru; Editing by Shailesh Kuber)