August 2, 2011 / 10:39 PM / 7 years ago

UPDATE 1-Aecon posts lower Q2 profit

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Aug 2 (Reuters) - Aecon Group Inc reported a 90 percent fall in quarterly earnings as it recorded a loss on its convertible debentures.

Aecon, Canada’s largest publicly traded construction company, said it earned C$700,000, or 7 Canadian cents a share, in the three months to end-June. That compares with earnings of C$7.2 million, or 10 Canadian cents a share, last year.

Aecon’s revenue rose 11 percent to C$758 million in the quarter.

The company recorded a $4.8 million loss on fair value of its debentures.

Analysts, on average, expected Aecon to report earnings per share of 1 Canadian cent on revenue of C$683 million, according to Thomson Reuters I/B/E/S.

The company said its backlog decreased to C$2.2 billion by the end of the quarter compared with a backlog of C$2.7 billion a year ago.

Shares of the company closed at C$8.24 on Tuesday on the Toronto Stock Exchange. (Reporting by Maneesha Tiwari in Bangalore; Editing by Roshni Menon)

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