BUSINESS

Aecon Group reports Q1 loss of $29.9 million, revenue up from year ago

05/07/2013 05:27 EDT | Updated 07/07/2013 05:12 EDT
TORONTO - Aecon Group Inc. (TSX:ARE) said Tuesday it lost $29.9 million in its latest quarter compared with a loss of $19.6 million a year ago due to a one-time hit to its infrastructure and energy business.

The construction and engineering firm said the loss amounted to 56 cents per share for the quarter ended March 31 compared with a loss of 37 cents per share a year ago.

Revenue was $567.4 million, up from $486.4 million.

Aecon said its infrastructure business had an operating loss of $33.6 million compared with a loss of $20.8 million a year ago due to its share of a one-time provision on a project.

The energy business reported an operating loss of $13.4 million compared with a loss of $3.7 million, also due to a provision on a project.

Aecon's mining business earned an operating profit of $18.7 million, up from $13 million a year ago, while its concessions business earned an operating profit of $6.2 million, up from $2.8 million a year ago.

The company's backlog at March 31 was $2.07 billion compared with $2.38 billion at the end of the first quarter of 2012.

Aecon booked $212 million in new contracts in the quarter compared with $492 million a year ago.