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Economic, Resource

SNC-Lavalin Group reports Q3 profit compared with loss a year ago

The Canadian Press
SNC-Lavalin Group reports Q3 profit compared with loss a year ago

MONTREAL—SNC-Lavalin Group Inc. reported a profit in its third quarter, boosted by the sale of its oil and gas business.

The engineering firm says its net income attributable to shareholders totalled $600.7 million, compared with a loss of $85.1 million in the same quarter last year.

The results in the quarter this year included a gain of $577.8 million on the sale of the company’s oil and gas business.

SNC-Lavalin says its profit from continuing operations attributable to shareholders was $18.6 million or 11 cents per diluted share for the quarter ended Sept. 30, compared with a loss of $8.8 million or five cents per diluted share a year ago.

Revenue totalled $1.81 billion, up from $1.78 billion in the same quarter last year.

SNC says its adjusted profit from professional services and project management amounted to 23 cents per diluted share for the quarter, compared with a loss of a penny per diluted share a year ago.

© 2021 The Canadian Press

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