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SNC-Lavalin Group reports $66M Q1 loss compared with $17.3M loss a year ago

Last Updated May 7, 2020 at 5:20 am PDT

MONTREAL — SNC-Lavalin Group Inc. saw its first-quarter loss deepen compared with a year ago as it took a charge due to lower expected payments related to its sale in the Ontario’s Highway 407 toll road.

The engineering company says it lost $66 million or 38 cents per share for the quarter ended March 31 including a $57.2-million charge related to the fair value revalution of contingent payments related to the sale of a large part of its stake in 407 International Inc.

The result compared with a loss of $17.3 million or 10 cents per share in the same quarter last year.

Revenue for the quarter totalled nearly $2.23 billion, down from $2.36 billion a year ago.

On an adjusted basis, SNC says it earned nearly $25.7 million or 15 cents per share for the quarter, down from an adjusted profit of nearly $36.9 million or 21 cents per share a year ago.

SNC says the adjusted loss from its professional services and project management operations amounted to $3.9 million or two cents per diluted share, compared with an adjusted net loss of $14.9 million or eight cents per share a year earlier.

This report by The Canadian Press was first published May 7, 2020.

Companies in this story: (TSX:SNC)

The Canadian Press