SNC-Lavalin revenues fall

SNC-Lavalin announced its results for the first half of this year on August 3.

For the second quarter of 2012, net income was $32.5 million compared to $102.2 million for the same quarter in 2011. That figure translated to net income of $0.21 per share on a diluted basis, compared to $0.67 in 2011.

For the six months ended June 30, 2012, net income was $99.6 million, compared to $178.3 million for the same period in 2011.

Net income excluding infrastructure concession investments (including tolls from Highway 407) was $44.0 million for the six months ended June 30, 2012 compared to $112.2 million for same period in 2011.

Ian Bourne, vice-chairman and interim chief executive officer of the company said in a press release: “The second quarter was difficult in terms of project execution, but we are encouraged by our strong financial position and backlog.”

The company said its financial position remains solid with cash and cash equivalents totalling $1.2 billion at June 30.