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Company News

SNC-Lavalin first-quarter profit drops 73 percent

May 2 (Reuters) - SNC-Lavalin Group Inc on Thursday reported a 73 percent drop in quarterly profit, as the Canadian construction and engineering firm was hit by higher expenses, loss of a mining contract, and delay in claim settlements.

The Montreal-based company’s adjusted net income attributable to shareholders fell to C$36.9 million ($27.47 million), or 21 Canadian cents per share, in the first quarter ended March 31, from C$136 million, or 77 Canadian cents per share, a year earlier.

Revenue fell to C$2.36 billion from C$2.43 billion. ($1 = 1.3431 Canadian dollars) (Reporting by Shanti S Nair in Bengaluru; Editing by Shailesh Kuber)

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