SNC-Lavalin profits

By Steve Skinner08 May 2009

SNC-Lavalin reported first quarter pre-tax profits of CA$ 77.4 million (US$ 66.8 million), up +9.4% on the CA$ 70.8 million (US$ 61 million) recorded 12 months ago.

Group sales for the quarter fell -8.4% to CA$ 1.6 billion (US$ 1.4 billion), down from CA$ 1.7 billion (US$ 1.5 billion) 12 months previously.

A statement from the company attributed the rise in pre-tax profits to increased contributions from divisions in infrastructure and environment, mining and metallurgy and infrastructure concession investments.

Outgoing president and CEO, Jaques Lamarre said, "We are pleased with our solid results for the first quarter and remain positive for the year ahead."

Order backlog for the Group in the first quarter fell -10.3% on the same period last year to CA$ 8.9 billion (US$ 7.7 billion), down from CA$ 10 billion (US$ 8.6 billion).

Incoming president and CEO, Pierre Duhaime said, "Given our first quarter results, our order backlog and our list of prospects, we continue to strive for pre-tax growth of between +7% and +12% in 2009. Of course, we remain cautious at the same time because the global economic situation is difficult to predict."

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