March 5, 2012 / 11:29 PM / 6 years ago

UPDATE 1-Aecon profit rises on lower costs

March 5 (Reuters) - Canadian construction company Aecon Group Inc reported a 143 percent rise in quarterly earnings on Monday as margins improved on lower costs.

Aecon’s fourth-quarter earnings rose to C$36.7 million, or 49 Canadian cents a share, from C$15.1 million, or 20 Canadian cents a share, a year ago.

Analysts had expected Aecon to earn 39 Canadian cents, according to Thomson Reuters I/B/E/S estimates.

Revenue fell 6 percent to C$790 million.

The company increased annual dividend by 40 percent to 28 cents per share.

Aecon and joint venture partner SNC-Lavalin Group last week announced they had won a project to refurbish all four reactors at Ontario’s Darlington Generating Station.

Shares of Aecon closed at C$12.15 on Monday on the Toronto Stock Exchange.

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