NEWS
08/05/2015 10:21 EDT | Updated 08/05/2016 01:12 EDT

WSP Global CEO to sell one-third of his shares in company as Q2 profits surge

MONTREAL — WSP Global says its chief executive plans to sell one-third of his holdings in the engineering consulting company as its shares hover around an all-time high.

Pierre Shoiry, who owns 901,812 shares in the Montreal-based firm, plans to sell a portion over the next year for "financial diversification and estate planning purposes."

His shares were worth more than $40 million at Wednesday morning's trading price of $44.86.

WSP (TSX:WSP) also announced Wednesday that its net profit attributable to shareholders surged to $95.4 million in the second quarter of its fiscal year, up from $24.3 million a year earlier.

Excluding one-time items, adjusted profits for the period ended June 27 reached $45.8 million or 51 cents per diluted share, compared to $26.3 million or 43 cents per share in the prior year.

Net revenues more than doubled to $1.089 billion from $513.1 million.

WSP was expected to earn 47 cents per share in adjusted profits on $1.091 billion of revenues, according to analysts polled by Thomson Reuters.

The results were largely aided by acquisitions, with weakness in Western Canada offset by growth in Ontario and Quebec.

The Canadian Press