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Aecon Group's second quarter profit falls as revenue jumps

The Canadian Press
Aecon Group's second quarter profit falls as revenue jumps

TORONTO — Aecon Group Inc.’s reported profit fell in its latest quarter, while revenue jumped 16 per cent compared to the second quarter of 2021, as the company navigated broader economic challenges.

The Toronto-based construction company saw a net loss of $6.4 million, or diluted loss per share of 10 cents, for the three months ended June 30, compared to a net profit of $17.6 million, or diluted earnings per share of 27 cents, during the same period in 2021, before adjusting for the impact of the Canada Emergency Wage Subsidy program.

Aecon Group posted revenue of $1.12 billion, compared to $971 million in the same period last year.

In the construction segment, higher revenue of $150 million was driven by increases in civil, industrial, utilities, nuclear and urban transportation solutions, while in the concessions segment, higher revenue of $2 million was primarily due to an increase in commercial flight operations at the Bermuda International Airport.

New contract awards of $1.31 billion were booked in the second quarter of 2022 compared to $1.58 billion in the same period in 2021.

In a news release, Aecon Group’s chief executive Jean-Louis Servranckx said “demand for Aecon’s services across Canada continues to be strong, particularly in smaller and medium-sized projects.”


© 2022 The Canadian Press

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