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SNC-Lavalin reports net income of $1m in Q4 2016

SNC-Lavalin’s total engineering and construction revenue for Q4 2016 was $1.57bn, compared with $1.94bn in Q4 2015

This image is for representation purposes only.
This image is for representation purposes only.

Canadian engineering and construction firm, SNC-Lavalin, has reported net income of $1.2m in Q4 2016, compared to a net income of $36.7m, for the corresponding period in 2015.

The firm’s Q4 2016 adjusted net income from its engineering and construction division amounted to $54.7m, compared to $49.3m earned during the same period last year.

The Q4 2016 results included a loss of $29.6m from the disposal of the company’s real estate facilities management business.

SNC-Lavalin’s total engineering and construction revenue for Q4 2016 was $1.57bn, compared with $1.94bn in Q4 2015.

The company’s infrastructure and power segments had lower revenues in Q4 2016 versus Q4 2015, mainly due to near completion or completion of certain major projects, it said.

Total contract awarded to SNC-Lavalin in 2016 were worth $5.82bn, which include $2.98bn from the oil and gas sector, $1.27bn from the power sector, $1.27bn from infrastructure projects, and $3mn from the mining and metallurgy business.

Neil Bruce, president and chief executive officer, SNC-Lavalin Group Inc, said: “We were pleased with our 2016 performance, we delivered on our commitments and met our 2016 guidance.

“Going into 2017, we are well positioned within our industry to capitalise on organic growth in infrastructure, nuclear, renewables, and sustaining capital across all four sectors and expect our capital group to continue to perform.

“We expect 2017 to be another good year for SNC-Lavalin as we continue to progress in our operational excellence efficiency programme, drive cost base competitiveness and continue building a performance-driven culture to deliver for our clients.”

The company was recently awarded an engineering, procurement, and construction (EPC) contract for in Salalah.

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