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SNC-Lavalin posts higher quarterly profit

A pedestrian walks past the SNC-Lavalin Group Inc., headquarters in Montreal, May 7, 2009. REUTERS/Christinne Muschi

(Reuters) - Canada’s SNC-Lavalin Group Inc posted a higher quarterly profit on Thursday, as it benefited from lower expenses and income taxes, while demand in its core engineering and construction (E&C) business fell.

The company’s selling, general and administrative expenses fell nearly 8 percent to C$185.3 million ($147 million) in the second quarter ended June 30.

Revenue from its E&C unit, its biggest business, fell 8.6 percent to C$1.87 billion due a decline in demand in the oil and gas, and power and infrastructure sectors.

Total revenue declined to C$1.93 billion from C$2.10 billion.

Net income attributable to SNC’s shareholders was C$136.4 million, or 91 Canadian cents a share, in the quarter, compared with C$88.5 million, or 59 Canadian cents, a year earlier.

Reporting By Ahmed Farhatha in Bengaluru and Allison Lampert in Montreal; Editing by Martina D’Couto

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