August 3, 2012 / 12:48 PM / 5 years ago

SNC Lavalin profit slumps as project costs climb

TORONTO, Aug 3 (Reuters) - SNC Lavalin Group Inc, a Canadian construction and engineering company caught up in allegations of improper payments and bribery, said on Friday that second-quarter profit fell sharply on higher project costs and it reduced its 2012 forecast.

SNC reported net income of C$32.5 million ($32.4 million), or 21 Canadian cents a share, down from C$102 million, or 67 Canadian cents, in the second quarter of 2011.

The Montreal-based company now sees 2012 net income between C$325 million and C$340 million. It previously expected earnings in line with 2011, when it had a profit of C$387 million.

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