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SNC-Lavalin slashes division to 2 cents a share after posting $2.1B quarterly loss

  • August 02, 2019

SNC-Lavalin Group Inc on Thursday cut a division and reported a quarterly loss, as a struggling Canadian construction and engineering organisation was strike by a $1.7 billion goodwill spoil assign associated to a resources unit.

The association reduced a quarterly division to 2 Canadian cents per share from 10 Canadian cents per share, a second cut this year.

The association withdrew a foresee for 2019 final week citing lower-than-expected formula and pronounced it would exit fixed-price contracts while it explores all options for a resources unit, including a sale.

Revenue from SNCL Projects, a company’s section that will conduct a exit from lump-sum warden construction contracts, fell about 36 per cent to $709.68 million, impacted by projects in a Middle East and Canada.

The Montreal-based company, that announced a vital examination in Jun and named a Chief Operating Officer Ian Edwards as halt arch executive officer, has been pressured by crime charges behind home, bad business opening and trade hurdles in Saudi Arabia and China.

SNC faces a hearing in Canada over allegations that a former executives bribed Libyan officials to get contracts between 2001 and 2011. The company’s catastrophic attempts to strech a allotment led to a domestic liaison engulfing Prime Minister Justin Trudeau.

The association reported a detriment attributable to shareholders of C$2.12 billion ($1.60 billion), or C$12.07 per share, for a entertain finished Jun 30, compared to a distinction of C$83.01 million, or 47 Canadian cents per share, a year earlier.

Article source: https://www.cbc.ca/news/business/snc-lavalin-1.5232893?cmp=rss

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