Aecon reports $123.9 million loss in second quarter, revenue down

TORONTO — Aecon Group Inc. says it lost $123.9 million in the second quarter, down from a profit of $28.2 million a year earlier.

The Toronto-based company says revenue totalled $853.8 million, down from $1.2 billion during the same quarter last year.

Diluted loss per share was $1.99, down from a gain of 38 cents last year.

Aecon says much of the decline in revenue can be attributed to its construction segment, which was $288 million lower than a year earlier.

Aecon says it recorded a charge of $127 million in the second quarter related to its settlement with TC Energy Corp. over delays and cost increases that took place during the construction of the Coastal GasLink pipeline project, for which Aecon was one of the prime contractors.

The company says it also recorded an aggregate charge of $110 million related to three other joint venture legacy projects which also encountered delays and mounting costs.

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