August 3, 2017 / 12:20 PM / 2 months ago

UPDATE 1-SNC-Lavalin posts higher quarterly profit

(Adds details, background)

Aug 3 (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.

($1 = 1.2592 Canadian dollars)

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

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