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News from Reuters

SNC Lavalin profit up 13 percent, but revenue sags

06/11/09

TORONTO (Reuters) - SNC-Lavalin Group Inc reported a 13 percent rise in quarterly profit on Friday, mainly due to an expected increase in gross margins in its packages division.

The Canadian engineering and construction company said net earnings rose to C$103.1 million ($96.4 million), or 68 Canadian cents a share, for the three months ended September 30, from C$91.3 million, or 60 Canadian cents a share, in the year-before quarter.

Revenue declined 15.6 percent to C$1.42 billion.

Analysts on average were expecting the Montreal-based company to report earnings of 57 Canadian cents a share on revenue of C$1.61 billion, according to data from Thomson Reuters I/B/E/S.

The company reaffirmed its 2009 forecast for profit growth of 7 percent to 12 percent.

($1=$1.07 Canadian)

(Reporting by John McCrank, editing by Gerald E. McCormick)

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