May 3, 2011 / 10:40 PM / 7 years ago

UPDATE 1-Aecon Q1 loss widens on higher expenses

May 3 (Reuters) - Aecon Group Inc posted a wider first-quarter loss, partly hurt by higher expenses, but the biggest listed construction company in Canada said it was on target to meet its outlook for this year and the next.

Outlook for the industrial segment is driven primarily by the return to strength of Canada’s resources and power sectors, it said in a statement.

January-March loss attributable to shareholders was C$21.5 million, or 39 Canadian cents a share, compared with a loss of C$5.3 million, or 12 Canadian cents a share, a year ago

Revenue rose 20 percent to C$512 million.

Direct costs and expenses rose 22 percent to about C$496 million, in the quarter.

Aecon shares closed at C$9.70 on Tuesday on the Toronto Stock Exchange. (Reporting by Gowri Jayakumar in Bangalore;Editing by Vyas Mohan)

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