April 27, 2011 / 5:14 PM / in 7 years

UPDATE 1-Canam Group Q1 loss widens on Vancouver project charge

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April 27 (Reuters) - Canadian construction equipment maker Canam Group Inc posted a higher-than-expected quarterly loss, hurt mainly by a charge it took for installation of cables for the BC Place project located in Vancouver.

Canam, which designs and manufactures welded beams, joists and girders, posted a first-quarter loss of C$39.7 million or 88 Canadian cents a share, compared with a loss of C$0.6 million, or 1 Canadian cents a share, last year.

The company took a one-time charge of C$25 million related to the completion of cables on the BC Place stadium retractable roof in Vancouver.

Analysts, on average, had expected the company to post a loss of 27 Canadian cents a share, on revenue of C$165.03 million, according to Thomson Reuters I/B/E/S.

The company’s order backlog fell to C$519 million as of March 26 from $590 million, a year earlier .

Shares of the Boucherville, Quebec-based company were trading at C$8.14 on Wednesday on the Toronto Stock Exchange. (Reporting by Maneesha Tiwari in Bangalore;Editing by Vyas Mohan)

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