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SNC-Lavalin reports steep loss in fourth quarter

SNC-Lavalin Group said its loss for its fourth quarter increased from a year earlier, and revenues declined.

The Montreal-based engineering firm said its net loss attributable to shareholders was $ 702.7 million for the quarter ended Dec. 31, compared to $ 292.9 million in the fourth quarter of 2019.

SNC added that its net loss from continuing operations attributable to shareholders was $ 322.9 million or $ 1.84 per diluted share for its last quarter, compared to a loss of $ 180.2 million or 1, $ 03 per diluted share a year earlier.

Revenue totaled nearly $ 1.7 billion, up from $ 1.97 billion in the same period a year earlier.

SNC said its adjusted loss from professional services and project management activities was $ 268.7 million or $ 1.53 per diluted share, compared to adjusted earnings of $ 109.6 million. or 62 cents per diluted share a year earlier.

SNC last month announced an agreement to sell its oil and gas business to Kentech Corporate Holdings as part of its refocus on engineering services and project management.

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